Aquis Entertainment Chairman Tony Fung tells shareholders he will resume negotiations with the Australian Capital Territory (ACT) over his proposed AU$330 million redevelopment of Casino Canberra.
At the company’s annual general meeting earlier this month, Fung stated that redeveloping the casino is still on his to-do list, though talks with the government have stalled due to disagreements over the number of slot machines that can be installed.
Aquis purchased Casino Canberra in 2014, and originally submitted plans for redevelopment in 2015. It asked for permission to install up to 500 slot machines, but Casino Canberra isn’t permitted to offer slots under current law. The bid was rejected in late 2018, and the ACT government countered with an offer of 200 slots and 60 electronic gaming machines (EGMs), subject to certain conditions.
“We do remain committed to the redevelopment of the property and we believe that the post Covid-19 recovery in Canberra is the greatest opportunity to do so,” Fung said.
“We will be holding discussions with the government this year to discuss the conditions in place in relation to the redevelopment and EGMs, and we look forward to the opportunity to deliver to Canberra the kind of world class entertainment precinct that our capital city deserves and to creating many new employment opportunities and further securing all existing roles within our business.”
According to Inside Asian Gaming, Fung said that redevelopment of the casino “still forms part of our longer-term strategy for growth in Canberra.”
At the meeting, Aquis reported a profit of AU$799,000 in 2020, reversing an AU$4 million loss in 2020.
