Revenues down in 2017
Australia-listed Aquis Entertainment, owned by Hong Kong billionaire Tony Fung, has announced it will focus on VIP players at its Casino Canberra in the Aussie capital.
According to Inside Asian Gaming, the company will also invest AU$330 million ($US247 million) to redevelop the boutique property, which it bought in 2014 for AU$6 million.
In its 2017 annual report released earlier this month, Aquis said it will its plan is to “attract and service quality players from Australia and overseas. Aquis posted losses of AU$13.8 million last year.
“A changeover in business development staff recently will assist in bringing new VIP players to Casino Canberra to provide the critical mass needed to manage the volatility and generate additional revenue,” the statement continued. “Mining of the existing database will also be a focus for the next year to solidify the efforts of the past several years spent buildings its size and quality.”
The redevelopment plan, first announced in 2015, includes two new luxury hotels as well as high-end dining and shopping outlets. The original bid was tied to permission from the government to install 500 slot machines. That proposal was rejected, but in mid-2016 the government made a counter-offer of 200 slot machines and 60 electronic table games, subject to certain strict conditions. Casino Canberra is not allowed to operate any slot machines under current law.
Aquis had until May 14 to submit a revised proposal, but won an extension last week. No new deadline has been disclosed, but Aquis has indicated that talks may continue through 2018. Its goal Aquis is to transform the casino into a “first-tier” leisure and nightlife destination and “a world-class multi-faceted establishment.”
