Aquis agrees to sell Casino Canberra for AU$52m
The casino will be bought by the Oscars Group’s Capital Leisure & Entertainment.
Australia.- Aquis Entertainment has announced that it has signed a share purchase agreement with Capital Leisure & Entertainment Pty Ltd for the sale of all of the shares in Casino Canberra for AU$52m. The buyer is owned and controlled by interests associated with the Oscars Group.
According to the ASX announcement, the Transaction is subject to ACT Government casino and liquor licencing regulatory approvals, any consents required for the change of control of Casino Canberra’s casino licence and Aquis obtaining shareholder approval. Aquis Entertainment expects a shareholder meeting to be held in late July or August.
Allison Gallaugher, CEO of Aquis and Casino Canberra, said, “The Transaction provides considerable value to the Company and its shareholders. It recognises the attractive operating performance of the business which has continued to trade well since reopening post the Covid-19 lockdowns.
“As an employee of Casino Canberra, I am also very excited about the future and working with Oscars on the continual improvement of our business.”
Mario Gravanis, Director of Oscars, said, “We are excited by the opportunity to acquire the Casino Canberra business. We will be working closely with Aquis over the coming months to satisfy the necessary conditions precedent with minimal disruption to the business and look forward to working with the Casino Canberra team in the future.”
As the transaction involves the sale of the company’s major assets, the company will cease operations immediately following the transaction and will have no tangible assets other than cash proceeds. According to the company filing, the board is currently reviewing other potential business opportunities and will provide further updates to shareholders in due course.
Oscars Group has confirmed that all staff at Canberra casinos will continue to work and will not be affected by the sale.
Aquis Entertainment returns to pre-pandemic levels
The company has reported that business activity for the first quarter of the year showed a recovery to pre-pandemic normality after the lifting of Covid-19 measures in the Australian Capital Territory.
It said that revenue from Casino Canberra was strong from February onwards and that trading results for the quarter ending March 31 exceeded budget EBITDA. Total operating expenses for the quarter were $9.607m, of which labour costs were $3.976m and other operating expenses were $5.631m.
