Canberra Casino To Proceed With Makeover Despite Making Loss In 2017
Hong Kong based Aquis Entertainment is willing to bet millions on the fact that Australian’s love to gamble and it is just a matter of time before their Canberra Casino experiences a turnaround.
Billionaire developer Tony Fung bought the Canberra Casino for A$6 million in 2014 and had big plans to re-develop the property and turn it into a money making machine in the Australian’s capital.
Canberra Casino has struggled a lot over the last couple of years and reports from 2017 show that the casino suffered losses of $13.8 million. These results are worse when compared to 2016 when the casino lost A$7.7 million.
When Aquis bought the casino in 2014, Tony Fung knew that in order to make money he would have to get more pokie machines operating and give the property a facelift. He has been unable to do this so far as there has been a lot of opposition from local clubs and bars who also offer pokie machines.
However the Aquis Entertainment does have a lot of pull and succeeded in getting licenses for 200 pokie machines. The losses have not deterred Aquis Entertainment from sticking to its plan to invest A$330 million to give the casino a complete makeover.
Aquis Entertainment Will Proceed With Makeover
The makeover is expected to completely transform Canberra Casino and turn it into a world-class facility. The makeover will see two luxury hotels being added, high end retail outlets along with restaurants and bars. The new Canberra Casino will offer its patrons a number of gaming and non-gaming options that is expected to boost overall revenue for the property.
Aquis Entertainment has continued to work with the government to iron issues that will enable the casino operator to proceed with the makeover process.
In a statement, Aquis Entertainment said
Legislation has been enacted to allow 200 electronic gaming machines to operate within the casino. Planning continues for the redevelopment of Casino Canberra into a world class, multi-faceted establishment and discussions with the government will continue throughout 2018 surrounding details of the legislated requirements for the machines.
The Hong Kong based company will use its influence in Asia to get Asian gamblers to visit the property. This was made easier after Qatar Airlines started operating direct flights from Singapore to Canberra. The move is expected to boost tourism in Canberra and visitations to Canberra Casino.
David is our resident 'down under' contributor, letting us know what is going on in the southern hemisphere, he is also keen blackjack player