The Australian casino experienced a millionaire loss last year.
Australia.- Canberra Casino reported a US$7.7 million loss in 2016. The results were announced this week as the gambling facility is still waiting for the local government to approve a redevelopment.
According to Canberra Times, the casino’s owner Aquis has liabilities of approximately US$31 million which are significantly bigger than the US$14.300 assets. Even if the results are underwhelming, the company’s board believes that they will change this position soon as they’re trying to attract VIP gamblers. “There are grounds to believe that the consolidated entity will be able to continue as a going concer,” the report said.
Jessica Mellor, Aquis newest chief executive, said that Casino Canberra has been suffering for quote a long time now, and even though they’ve tried to overcome the difficulties, they have a long way to go. Nevertheless, the company grew 38 percent in 2015 and 22 percent last year. “Strong top-line growth is a validation of the new energy we have injected into the business,” Mellor said.
“Aquis Entertainment will continue to invest strongly in our long-term plan. Our auditors and directors all believe that the company is financially stable with performance and growth prospects in line with expectations and our business plans.”