The shareholders of Australian-listed Aquis Entertainment Ltd have unanimously voted in favor of a corporate takeover that will see Blue Whale Entertainment Pty Ltd become its new majority shareholder.
Pending regulatory approvals by the local ACT Government, Blue Whale will take control of up to 86.99% of Aquis’ share capital, replacing Aquis Canberra Holdings (Aus) Pty Ltd as controlling shareholder.
Aquis owns Casino Canberra in the nation’s capital territory, which it purchased for AU$6 million in 2014.
According to documents recently filed in relation to the sale, Blue Whale will “bring to the company refreshed perspective at the board level and the opportunity for refinements to the strategy of the company.”
It has also been suggested that Blue Whale could outsource management of Casino Canberra to an external company.
Aquis has been negotiating with the ACT Government to initiate an AU$330 million redevelopment of the property, including the development of two new luxury hotels plus world-class dining and shopping outlets. However, differences of opinion over the number of slot machines Casino Canberra should be allowed to install has halted progress.