Hong Kong billionaire Tony Fung’s acquisition of Casino Canberra has been approved by the Australian Capital Territory’s (ACT) Gambling and Racing Commission.
The deal will be worth up to Aus$6 million (€4 million/$4.9 million), according to the Sydney Morning Herald newspaper.
The agreement includes the property and the associated gaming licence.
The transfer of ownership from Casinos Austria International to Aquis Canberra was announced by ACT Gaming and Racing Minister Joy Burch.
Burch said that Fung had “demonstrated his delight at the opportunity to invest in Canberra” and said that the deal had been approved following “an extensive probity investigation undertaken by the Gambling and Racing Commission, in consultation with the Queensland Office of Liquor and Gaming Regulation”.
She added: “The sale is a clear demonstration of the interest being shown by overseas investors in Canberra. It is a vote of support for our economy and indeed the Canberra community.”
Aquis plans to reveal “an exciting vision” for the casino early in the New Year.
It is also expected that Aquis will float on the Hong Kong Stock Exchange in 2016 in an effort to raise equity to fund a new Aus$8.15 billion casino and resort development north of Cairns. The project received environmental approval by the Queensland Government last week.
source : www.igamingbusiness.com
