Looking for compromise on slots
Hong Kong businessman Tony Fung has just about a month to submit a final proposal for his planned AU$330 million (US$257 million) redevelopment of Casino Canberra. The company’s original 2015 bid, which includes 500 slot machines, was rejected by the ACT government.
According to Inside Asian Gaming, last year the government proposed a compromise that would allow Aquis to run 200 slot machines and 60 electronic table games subject to certain conditions, and limit bets to $2. Aquis has been mum ever since, prompting speculation that Fung & Co. would back out completely. An Aquis spokesperson told the Canberra Times the billionaire is still interested, but the government “must be realistic in its expectations in relation to the detail and speed at which information can be provided in the face of significant commercial uncertainty.
“The legislative changes, passed in late 2017, require a thorough process to be undertaken to determine the impact of such significant regulatory and land use restrictions as those imposed. We have advised the government that this process is ongoing and as part of that their input will be required to clarify a number of outstanding issues.”
Aquis wanted more slots in exchange for building two luxury hotels, new bars and cafes, and promenade-style shopping featuring high-end retailers like Chanel, Gucci and Louis Vuitton. Prime Minister Gordon Ramsay said the government’s support for more pokies was conditional on the redevelopment. He said he has not received “critical information required for the process to move forward.” The casino reported a loss of $13.8 million in February.
ACT Opposition gaming spokesman Mark Parton said the conditions make the redevelopment impossible. “From the day the casino amendment bill was tabled we’ve been saying there would not be an Aquis casino redevelopment because the conditions that have been set up by this government for poker machines at the casino were never going to fit the business model Aquis had originally proposed.
“There was never going to be enough money in it for them and there was going to have to be too much outlay,” he said.
Ramsay defended the conditions, saying they were put in place to protect the health and well-being of Canberrans. “If there’s any expansion in gambling in any way it needs to be done in a way that’s socially responsible,” said the PM.
The government is working to reduce the number of poker machines in Canberra from nearly 5,000 to a maximum of 4,000, as pledged in the 2016 election, reported the Times.
