Aquis Entertainment to sell Casino Canberra to Iris Capital

The casino will finally go to Iris CC Holdings Pty, which stepped in with a late offer outbidding Capital Leisure.

Australia.- Aquis Entertainment has announced that it has accepted Iris CC Holdings’ proposal to buy Casino Canberra. Iris CC will acquire 100 per cent of the shares of Aquis’s wholly owned subsidiary, Aquis Canberra Pty Ltd for AU$63m (US$42m), plus or minus customary completion adjustments.

Aquis has thus dismissed Capital Leisure & Entertainment’s previous offer for the casino. It will be required to pay Oscars an AU$1m break fee.

According to Iris, all employees of Casino Canberra will continue their employment unaffected by the transaction.

Allison Gallaugher, CEO of Aquis and Casino Canberra, said, “The revised Transaction represents a considerable value uplift to the Company and its shareholders and recognises the continued strong operating performance and potential of the business. I am very excited to work with Iris on the continual improvement of our business.”

Sam Arnaout, sole director of Iris, said, “We are excited about the opportunity to acquire Casino Canberra and look forward to working collaboratively with the Aquis team in the future.”

Aquis is considering using the proceeds from the transaction to repay some or all of the convertible loan it has from major shareholder Aquis Canberra Holdings Pty Ltd. It will also consider the possibility of a shareholder dividend or distribution.