The casino has been sold to Iris CC Holdings.<\/p>\n\n\n\n\n\n\n\n
Australia.- Aquis Entertainment<\/strong> has confirmed the completion of the sale of Casino Canberra<\/a>. Iris CC Holdings<\/strong> purchased the property with an effective date of 1 January 2023 with a payment of AU$60.5m<\/strong>, including a deposit paid at signing. <\/p>\n\n\n\n Completion adjustments are to be calculated and agreed in the next few weeks. A further AU$2.5m in cash is being held in escrow to be released to Aquis in nine months from completion, subject to there being no warranty claims.<\/p>\n\n\n\n Iris CC Holdings forgave all accrued interest owed by Aquis, allowing it to repay its loan to its majority shareholder. The group expects to make a decision on the use of funds from the sale and the future of Aquis as a listed entity by the end of January. It will announce the decision to shareholders.<\/p>\n\n\n\n Aquis outgoing director and CEO Allison Gallaugher<\/strong> said: \u201cAs a Board, we are very pleased to have been able to negotiate and complete this transaction, which provides significant benefits to all stakeholders.<\/p>\n\n\n\n \u201cAs a CEO and employee, I am very excited to lead the Casino Canberra under Iris ownership and we look forward to continuing to grow the strong results we have built over the past few years and for the opportunities available for us all with Iris moving forward,\u201d noted the executive.<\/p>\n\n\n\n Gallaugher will continue as CEO of Casino Canberra after resigning from her role as director and CEO of Aquis. <\/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 casino has been sold to Iris CC Holdings.<\/p>\n","protected":false},"author":226,"featured_media":9734,"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 finalized the divestment of Casino Canberra to Iris CC Holdings for AU$60.5m, including a deposit and debt forgiveness, with an additional AU$2.5m in escrow. This transaction prompts Aquis to determine its future as a listed entity and sees Casino Canberra's CEO transition under new ownership. The sale follows a period of reported net profit growth for the casino.","focusai_entities":"Aquis Entertainment, Iris CC Holdings, Casino Canberra, Allison Gallaugher, Capital Leisure & Entertainment","focusai_location":"Australia, Canberra","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Aquis Future Strategy","query":"What are the strategic implications for Aquis Entertainment's remaining assets and its capital allocation strategy following the divestment of Casino Canberra, particularly concerning its status as a listed entity?"},{"label":"Iris CC Holdings Synergies","query":"What are Iris CC Holdings' immediate operational and strategic plans for Casino Canberra, and what potential synergies or market expansions are anticipated under the new ownership?"}],"footnotes":""},"categories":[16336,28,158],"tags":[23787,23786],"class_list":["post-777001288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-casino-news","category-slider-home","tag-aquis-entertainment","tag-casino-canberra"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001288","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\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777001288"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001288\/revisions"}],"predecessor-version":[{"id":777001297,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001288\/revisions\/777001297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9734"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777001288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777001288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777001288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}