Inside AGE 2022

austgamingexpo.com | #1 AUG 2022 | INSIDE AGE | 77 AQUIS TO SELL CASINO CANBERRA TO IRIS CAPITAL FOR $63 MILLION AQU I S ENTERTA I NMENT LTD has signed a new share purchase agreement with NSW- based Iris Capital to sell 100% of the shares in subsidiary Aquis Canberra Pty Ltd – operator of Casino Canberra – for $63 million. The final $63 million offer was $3 million higher than Iris’ initial bid and also trumped a $ 5 8 . 2 m i l l i o n p r o p o s a l submitted by Capital Leisure & Enter ta i nment Pty Ltd – the subsidiary of hospitality giant The Oscars Group which had first tried to acquire the company in June. In a filing, Aquis said the final offer from Iris represents “a material premium to the Oscars transaction” and that it “enhances execution certainty through the receipt of 100% of the purchase price into a trust account ahead of completion.” The sale is conditional on Aquis shareholder and regulatory approval, while Aquis has again left the door open to accept higher offers pending payment of a $1 million break fee to Iris. The sale of Casino Canberra comes after Aquis failed to reach an agreement with the ACT Government over a proposed $330 million redevelopment of the property. Aqu i s , wh i ch purchased Ca s i no Canbe r r a i n 2014 , s u b m i t t e d i t s o r i g i n a l r e d e v e l o p m e n t p l a n s i n 2015 including a request for permission to install up to 500 slot machines. Casino Canberra is not permitted to operate slot machines under current legislation. The company’s initial bid was rejected in December 2018, with the government describing the proposal as untenable due to ongoing uncertainty surrounding regulation and financing details.