The company said it is still awaiting approval for the transaction.<\/p>\n\n\n\n\n\n\n\n
Australia.- Aquis Entertainment <\/strong>has provided an update on the sale of Casino Canberra. The company is still waiting for the final approval of the transaction but hopes to complete in the current quarter.<\/p>\n\n\n\n According to a stock exchange filing on Monday, the group is reviewing the expected proceeds from the transaction, including assessing new business opportunities, repaying debt and potentially distributing funds to shareholders.<\/p>\n\n\n\n Aquis Entertainment<\/a> reported that it had accepted Iris CC Holdings\u2019 proposal<\/a> to buy Casino Canberra in July. Iris CC acquired 100 per cent of the shares of Aquis\u2019s wholly owned subsidiary, Aquis Canberra Pty Ltd for AU$63m (US$42m), plus or minus customary completion adjustments.<\/p>\n\n\n\n Aquis dismissed a previous offer from Capital Leisure & Entertainment<\/a> for which it had to pay an AU$1m break fee. The company reported AU$3.16m (US$2.16m) in net profit for the fiscal year 2022<\/a>. Net sales increased from AU$14.5m (US$10m) to AU$17.8m (US$12.2m). Services revenue, which accounted for 92 per cent of all revenue, rose 23 per cent to AU$16.4m (US$11.24m).<\/p>\n","protected":false},"excerpt":{"rendered":" The company said it is still awaiting approval for the transaction.<\/p>\n","protected":false},"author":176,"featured_media":12624,"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 is awaiting final regulatory approval for the AU$63m divestment of Casino Canberra to Iris CC Holdings, with completion anticipated in the current quarter. The company is evaluating the proceeds for debt reduction, potential shareholder distributions, and new business opportunities, following a robust FY22 financial performance.","focusai_entities":"Aquis Entertainment, Casino Canberra, Iris CC Holdings, Aquis Canberra Pty Ltd, Capital Leisure & Entertainment","focusai_location":"Australia, Canberra","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.88), operator_casino (0.85), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Approval Status","query":"What specific regulatory bodies in Australia are responsible for approving this casino transaction, and what are the typical timelines and criteria for change of control approvals in the gaming sector?"},{"label":"Post-Divestment Strategy","query":"How does Aquis Entertainment's planned capital allocation, including debt repayment and potential shareholder distributions, align with its long-term strategic objectives and potential new business opportunities post-divestment?"}],"footnotes":""},"categories":[16336,157],"tags":[23787],"class_list":["post-35020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-aquis-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35020","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=35020"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35020\/revisions"}],"predecessor-version":[{"id":35045,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35020\/revisions\/35045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12624"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=35020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=35020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=35020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}