Aquis Entertainment to wind down following Casino Canberra sale
The company plans to delist after distributing the proceeds from Casino Canberra to shareholders.
Australia.- Aquis Entertainment, the former operator of Casino Canberra, has announced its decision to wind up its operations following its sale of the casino earlier this year. According to Asian Gaming Brief, the company will distribute the proceeds of the sale to shareholders, and, if approved, delist from the Australian Stock Exchange.
Aquis received AU$60.5m (US$40.51m) for the sale of Casino Canberra to Iris CC Holdings, with a further AU$2.5m (US$1.67m) in cash being held in escrow for a period of nine months. The company had previously said it was looking for other business endeavours in which to use the funds, but it now plans to cease operations unless it finds “opportunities it considers may be worth pursuing”.
The group will release a special dividend of 11 to 13 cents per share in July followed by a capital return of funds and distribution of the remaining cash. The amount returning to shareholders is approximately AU$33.2m (US$22.23m), “or between 15 to 18 cents per share”, plus costs.
The funds are expected to be distributed in the 2023 calendar year subject to shareholder approval and verification from listing authorities. Aquis will distribute the remaining AU$2.5m from the Casino Canberra sale to shareholders once it is released from escrow.
Aquis Entertainment ran the casino for three years. The company reported that revenue was up 49.3 per cent on year-on-year terms to AU$37.59m (US$25.3m) in 2022. EBITDA increased by 121.7 per cent to AU$7.48m (US$5.03m).