Last year’s loss follows 2016 drop
Casino Canberra in the Australian capital city has reported losses of A$13.8 million (US$10.9 million) for 2017, following a loss of A$7.7 million in 2016.
Hong Kong billionaire developer and Aquis head Tony Fung, who bought the property for A$6 million in 2014, is unperturbed. He predicts the casino will rally following a planned A$330 million redevelopment that would transform Australia’s smallest casino into a world class integrated resort including two hotels, high-end dining, bars, cafes and luxury retail, reported CDC Gaming Reports.
At that point, the casino, which currently is permitted to operate a limited number of traditional gaming tables, would be able to add 200 slot machines and 60 electronic table games.
“Legislation has been enacted to allow 200 electronic gaming machines to operate within the casino,” the company said. “Planning continues for the redevelopment of Casino Canberra into a world class, multi-faceted establishment and discussions with the government will continue throughout 2018 surrounding details of the legislated requirements for the machines.”
According to figures obtained by the Canberra Times, the 2017 loss includes a write down of deferred tax assets of A$5.49 million, for an adjusted loss of about A$8.3 million. Aquis also pointed to a 7 percent increase in gaming revenue, saying it expects revenues to “continue and stabilize over the coming year as record visitation rates are maintained via new and continuing marketing initiatives.”
More direct flights to Canberra from Singapore should help, while “the commencement of Qatar Airways flights to Canberra this week” would also boost international visitation in the coming year.
