Thursday 24. December, 2015

Aquis and Sheraton Mirage Negotiations End Unsuccessfully

The expected $160 million deal for Aquis to acquire the Sheraton Mirage Resort and Spa at Main Beach on the Gold Coast has come to an abrupt end. Just two weeks ago, the casino group assured speculators that the deal would go forward and that the deal was close to being announced; however, they have now left the negotiating table in Hong Kong for good.

Negotiations for the sale had been underway since May; however, according to David Higgins, MiiGroup Director of Sales and Marketing, there were key issues that the companies could not agree upon and Acquis has withdrawn.

The property, which sits on two plots of leasehold land that was owned by the State Government and the Gold Coast City Council, was acquired by Mii Group (then Pearls Australasia) in 2010 for $62.5 million. Aquis announced in May that it planned to redevelop the site after its acquisition, replacing the resort with an integrated resort and casino development. The project hinged largely on securing a casino license for the resort with Director Justin Fung stating in June that the plans may not go ahead if the license was not obtained.

“I can’t sell a half-finished product,” Fung stated.

Now, the deal is off the table and with it go Aquis’ plans for their major development on the Gold Coast.

“Aquis is continuing to progress a number of other projects in Australia, including a major upgrade of Casino Canberra, the Aquis Great Barrier Reef Resort at Yorkeys Knob in Far North Queensland and a number of other projects on the Gold Coast,” spokesman for the Fung family who owns Aquis said.

“Aquis remains committed to Australia and progressing these opportunities.”

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