The sale of a majority stake in Australian-listed Aquis Entertainment Ltd to Blue Whale Entertainment Pty Ltd will allow the company’s primary asset, Casino Canberra, to better tap the VIP market according to its Chairman.
Hong Kong businessman Tony Fung told investors during his Chairman’s address this week that the deal, which gained shareholder approval in March but is yet to be rubber stamped by the government, would provide “business synergies and future opportunities” due to Blue Whale’s associated ownership of neighboring Crowne Plaza Hotel.
“The chance to partner with a hotel, which is conveniently attached to our building, would enable great improvements to our VIP customer packages and in addition the ability to improve wayfinding to the casino and increase awareness and therefore visitation for the casino,” he said.
Aquis is also locked in long-standing negotiations with authorities over a proposed AU$330 million redevelopment of Canberra Casino which would potentially include the addition of around 200 slot machines for the first time.
Fung said the company “remains committed to the redevelopment and are eager to commence and deliver to Canberra the kind if world class entertainment precinct an emerging international city deserves.”