Casino Canberra in the Australian Capital Territory (ACT) has posted a 2.7 percent revenue drop for the first half of the year, generating just under AU$12 million (US$8 million) for the period.
Aquis Entertainment Ltd., the owner of the casino, said it is continuing to create ‘efficiencies’ through cost control and streamlining its business processes. It’s also pressing the ACT government to reconsider its request to add 500 new slot machines in exchange for an additional investment of AU$$330 million in its Glebe Park home, adding luxury hotels, 12 six-star villas, high-end retail and world-class food and beverage. Lawmakers offered a compromise of 200 slots.
Aquis said: “The group continued to apply the medium term strategy outlined in 2016 of demonstrating the group’s ability to significantly improve an underperforming operation by a combination of leadership and targeted investment in the business. Aquis advanced its strategy through the 2019 half year, by focusing marketing activities to capitalize on the refurbishment of the Casino Canberra property in 2016, continuing to improve the efficiencies of operations by a combination of cost control and improvement in business processes, as well as the ongoing liaison with the ACT Government in relation to redevelopment options and associated legislative conditions.
“A strong budget has been set for the year, with the expectation of positive EBITDA and cash flows for the full financial year; the half year results achieved have slightly below those targets, however management continue to focus on the group’s strategy and expect to achieve the target for the full year,” the group said.
