The Casino Canberra has now been acquired by Aquis Entertainment, the new name for Discovery Resources.
The purchase was in conjunction with Tony Fung, a Hong Kong-based businessman who becomes Chairman of the new Aquis.
The consideration was a share purchase agreement with over 149m ordinary shares in Aquis Canberra Holdings, released on July 31. Another 14m-plus shares will be issued once Aquis is successful in gaining approval of a redevelopment proposal for the casino property with the ACT Gambling and Racing Commission and the ACT Government (Australian Capital Territory).
The casino will be upgraded with fresh gaming options, five- and six-star accommodations and new entertainment, retail and dining facilities. In its last full year accounts Casino Canberra generated revenues of US$11.5m.
