Casino Canberra Announces Record Gaming Revenue
Casino Canberra has recorded its highest gambling revenue in nine years, just one year after the ailing casino was purchased by billionaire gaming mogul, Tony Fung. Fung purchased the casino in December 2014 for $6 million and now its revenue has jumped more than 80 percent since the same time last year.
In April, Fung revealed his plans to list the casino on the Australian Securities Exchange through a backdoor listing via Discovery Resources, which then became known as Aquis Entertainment.
Their reported gross gambling revenue of $2.4 million for October 2015 represented a 62 percent increase on their results for September this year and an 80.4 percent increase on their $1.3 million revenue from October 2014.
These results come just 2 months after Aquis Entertainment revealed their plans for a $330 million redevelopment of the casino. The casino currently features 39 gaming tables and two bars, but the new casino would be housed in a resort-style precinct with a redeveloped casino, dining, entertainment and retail options. Two hotels – one 100-room five star hotel and one 12-suite six star boutique hotel would be included on the site.
Aquis has made it clear to the ACT government that these plans rest on the revision of a poker machine ban that limits the operation of poker machines to not-for-profit Canberra clubs. Aquis is requesting approval for 500 poker machines on the site. Chief Minister Andrew has announced that he is considering the proposal, including the lifting of the ban, as this could generate a further $60 million in gambling tax revenue for the government per annum.
Clubs ACT is against a government reform arguing that lifting the poker machine ban and allowing them to operate at for-profit locations would result in the death of community clubs in Canberra.
April 16, 2017