Scientific Game

Aquis announces AU$13.8 million Canberra Casino loss ahead of redevelopment

Sunday, 11 March 2018 21:51
Share
Visit us

Hong Kong’s Aquis Group continues to paint a positive picture of Canberra Casino’s long-term prospects, despite the modest property – purchased for AU$6 million in 2014 – reporting losses of AU$13.8 million in 2017.

Aquis, headed by billionaire developer Tony Fung, is planning an AU$330 million redevelopment that would transform Australia’s smallest casino into a world class integrated resort including two hotels, high-end dining, bars, cafes and luxury retail. In return, the casino – currently only allowed to operate a limited number of traditional gaming tables – would be granted permission to add 200 slot machines and 60 electronic table games for the first time.

In the meantime, however, Canberra Casino is bleeding money with Aquis reporting a loss of AU$13.8 million in 2017, having previously lost AU$7.7 million in 2016.

According to figures obtained by The Canberra Times, the 2017 figure includes a write down of deferred tax assets of AU$5.49 million, meaning the adjusted loss is closer to AU$8.3 million.

Nevertheless, Aquis pointed to a 7% increase in gaming revenue following a recent refurbishment of the gaming floor as evidence that an opportunity exists in Australia’s capital, stating that it expects the revenue increase to “"continue and stabilize over the coming year as record visitation rates are maintained via new and continuing marketing initiatives.”

Aquis said that the addition of direct flights to Canberra from Singapore in recent months had positively impacted the property, while “the commencement of Qatar Airways flights to Canberra this week,” would lead to further international visitation in the coming year.

Most significant though would be the ability to offer slot machines and ETGs, with Aquis confirming it still intended to go ahead with the redevelopment it needs to be granted government approval.

“Legislation has been enacted to allow 200 electronic gaming machines to operate within the casino,” it said. “Planning continues for the redevelopment of Casino Canberra into a world class, multi-faceted establishment and discussions with the government will continue throughout 2018 surrounding details of the legislated requirements for the machines.”

What's new

Vietnam police crack second illegal online gambling ring

Vietnam police crack second illegal online gambling ring Vietnam police have cracked a major online gambling ring which attracted bets of more than US$26 million from Vietnamese players. According to a report in VnExpress, a website named 12bet was at the center of the illegal ring offering sports betting, online casino games and lottery products. Polic... Monday, 25 June 2018 06:24

International Entertainment Corp looks to broaden horizons after increased 2018 losses

International Entertainment Corp looks to broaden horizons after increased 2018 losses Hong Kong-listed International Entertainment Corporation (IEC) has touted diversification of its business through new gaming and sports related opportunities as the way forward after announcing losses of HK$67.3 million for the year ended 31 March 2018. The loss represents a 61.0% increase on the c... Monday, 25 June 2018 05:53

Macau visitor arrivals up 5.2% in May

Macau visitor arrivals up 5.2% in May Macau attracted 2,704,745 visitors in May, an 8.7% decline on April numbers but up 5.2% year-on-year according to figures released by the Statistics and Census Service (DSEC). The sequential fall has been attributed to one less weekend in the calendar month compared to 2017 due to the golden week w... Monday, 25 June 2018 05:49

Macau GGR on track to soar in June and beyond after slow May: analysts

Macau GGR on track to soar in June and beyond after slow May: analysts Macau’s June gross gaming revenue is on target to grow 20% compared to the same period last year, buoyed by the annual dragon boat festival and the opening of Morpheus at City of Dreams, according to financial services firm Morgan Stanley. In a Friday note addressing weaker than anticipated mass ... Monday, 25 June 2018 05:40

Current Issue

Tribal Ambition

Tribal Ambition By Muhammad Cohen and Ben Blaschke   Mohegan Gaming and Entertainment CEO Mario Kontomerkos believes the Native American casino operator has two aces in the hole for Japan, especially when it comes to the so-called regional markets beyond major areas. In his presentation at last month’s Japan ... Monday, 04 June 2018 20:55

Social Gathering

Social Gathering By Shaun McCamley   Social casino gaming is booming. In 2017, the global social gaming industry generated a whopping US$106 billion in revenues, with the social casino segment generating US$4.5 billion in revenues. Not surprisingly China, Japan and Korea generated 90% of the games revenue in the... Monday, 04 June 2018 20:44

Redefining Tourism

Redefining Tourism By Muhammad Cohen   In an era when tourism constitutes a growing portion of the global economy, integrated resorts present a potent although frequently misunderstood means for growing visitor arrivals and revenue. It’s not simply the casino but their range of attractions that make IRs such powe... Monday, 04 June 2018 20:37

Japan IR Timeline

Japan IR Timeline By Ben Blaschke   What year for Japan’s first IR? It’s a question that continues to divide industry stakeholders, the answer further clouded by the substantial disparity in opinion offered at last month’s Japan Gaming Congress (JgC) in Tokyo. At the nearer end of the scale, members of the... Monday, 04 June 2018 20:27