Australian-listed Aquis Entertainment – the company owned by Hong Kong developer Tong Fung – says it will target VIP play over the coming months in a bid to generate greater revenue at its sole Australian property Casino Canberra.
In its 2017 Annual Report released this week, Aquis – which recorded losses of AU$13.8 million last year – also stated its intention to follow through with an AU$330 million redevelopment plan for the boutique property, purchased for AU$6 million in 2014. But its short-term prospects are set to reply heavily on premium play with the company outlining its “vision of attracting and servicing quality players from Australia and overseas.
“A changeover in business development staff recently will assist in bringing new VIP players to Casino Canberra to provide the critical mass needed to manage the volatility and generate additional revenue.
“Mining of the existing database will also be a focus for the next year to solidify the efforts of the past several years spent buildings its size and quality.”
Aquis announced in 2015 plans to spend AU$330 million on a major redevelopment of the Casino Canberra precinct, including building two new luxury hotels as well as world-class dining and shopping outlets. That bid, which centered around permission to operate 500 slot machines on premises, was rejected with the government instead offering 200 slot machines and 60 electronic table games in mid-2016, subject to certain strict conditions. Casino Canberra is not allowed to operate any slot machines under current law.
Negotiations had since slowed to a standstill until last month when a government spokesperson announced a 14 May 2018 deadline for Aquis to submit a revised proposal.
With that date now just four days away, Aquis confirmed in its Annual Report that 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 the details of the legislated requirements for the EGMs.”
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