Casino Canberra<\/a> for AU$52m. The buyer is owned and controlled by interests associated with the Oscars Group.<\/p>\n\n\n\nAccording 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\u2019s casino licence and Aquis obtaining shareholder approval.\u00a0Aquis Entertainment expects a shareholder meeting to be held in late July or August.<\/p>\n\n\n\n
Allison Gallaugher,<\/strong> CEO of Aquis and Casino Canberra, said, \u201cThe 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. <\/p>\n\n\n\n“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.\u201d\u00a0<\/p>\n\n\n\n
Mario Gravanis, Director of Oscars<\/strong>, said, \u201cWe 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.\u201d <\/p>\n\n\n\nAs 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.\u00a0According to the company filing, the board is currently reviewing other potential business opportunities and will provide further updates to shareholders in due course.<\/p>\n\n\n\n
Oscars Group has confirmed that\u00a0all staff at Canberra casinos will continue to work<\/strong>\u00a0and will not be affected by the sale.<\/p>\n\n\n\nAquis Entertainment returns to pre-pandemic levels<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
The casino will be bought by the Oscars Group’s Capital Leisure & Entertainment.<\/p>\n","protected":false},"author":176,"featured_media":9219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Aquis Entertainment has agreed to divest Casino Canberra to Capital Leisure & Entertainment, a subsidiary of the Oscars Group, for AU$52m. The transaction is contingent upon ACT Government regulatory approvals for casino and liquor licensing, as well as Aquis shareholder consent. Post-sale, Aquis Entertainment will cease current operations to explore new business opportunities, while Casino Canberra's staff will be retained under the new ownership.","focusai_entities":"Aquis Entertainment, Oscars Group, Capital Leisure & Entertainment Pty Ltd, Casino Canberra, Allison Gallaugher, Mario Gravanis, ASX","focusai_location":"Australia, Canberra, Australian Capital Territory","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.9), operator_casino (0.85), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Approval Timeline","query":"What specific regulatory hurdles and timelines are anticipated for the ACT Government's casino and liquor licensing approvals, and what precedents exist for similar change-of-control transactions in Australia?"},{"label":"Aquis Future Strategy","query":"Following the divestment of its major asset, what specific new business opportunities is Aquis Entertainment exploring, and what is the projected capital allocation strategy for the AU$52m proceeds?"}],"footnotes":""},"categories":[16336,157,158],"tags":[23787],"class_list":["post-29830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","category-slider-home","tag-aquis-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=29830"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29830\/revisions"}],"predecessor-version":[{"id":29839,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29830\/revisions\/29839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9219"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}