Gaming revenue up 21 percent in ’16
Casino company Aquis, which owns and operates Casino Canberra in Australia, has found itself in a negative net asset position with liabilities of $31.3 million surpassing assets by more than $14,000. The share price has slumped to 5 cents.
But the board of directors of Aquis, majority owned and controlled by chairman and Hong Kong businessman Tony Fung, says it is confident about the property’s outlook. According to the Canberra Times, gaming revenue was up 21 percent in 2016 compared with 2015 to $22 million. Spend per visitor was up 33 percent.
The directors say there are “reasonable grounds to believe that the consolidated entity will be able to continue as a going concern,” making reference to a $4.9 million unused borrowing facility and an increase in business expected as a result of a $14 million refurbishment in 2016.
New CEO Jessica Mellor adds that the casino is moving beyond years of under-investment and has reported significant revenue growth under Aquis: 38 percent in 2015 and 22 percent in 2016.
“Strong top-line growth is a validation of the new energy we have injected into the business,” said Mellor. Since the property’s reopening, Aquis has hired “experienced leaders from around the world to lead key operational areas including food and beverage, marketing and gaming.
“Aquis Entertainment will continue to invest strongly in our long-term plan. Our auditors and directors all believe that the company is financially stable with performance and growth prospects in line with expectations and our business plans,” she said.
Aaron Gomes resigned as chief executive in October after just one year in the job. Company secretary and chief financial officer Garry Gill resigned in January and will leave in April.
Aquis’s parent company is TF Reef Canberra Holdings Ltd, incorporated in the British Virgin Islands, the Times reported.
