Australia’s Casino Canberra Changes Hands, Now Belongs to Iris Capital

This yesteryear summer, Aquis Entertainment announced that it was considering a sales event of its Casino Canberra prop inwards Australia to Iris Capital. The hospitality accompany has now wrapped upward the transaction, giving Iris a young locale to scratch 2023 with warm momentum.

Aquis announced today that it has completed the sales event of subsidiary Aquis Australian capital Pty Ltd, which officially owns and operates Casino Canberra. Iris reportedly paid AUD63 one thousand thousand (US$42.5 million), the amount initially mentioned when discussions began inward July.

The terms of the sales agreement provided a major cash in shot for Aquis, which received AUD$60.5 jillion (US$41.6 million) upward front. Another AUD2.5 one thousand thousand (US$1.7 million) is inwards escrow, and testament follow released inwards Sept as long as at that place aren’t any surprises.

The Money Shuffle

As a termination of the sale, Aquis will have to repay its legal age shareholder AUD20.4 million (US$14.03 million) it received through a loan. However, that shareholder is Aquis Australian capital Holdings (Aus) Pty Ltd, making it essentially a transplant between accounts inward the same company. The latter provided the loan inwards dictate to shoring upwardly Casino Canberra’s operations.

Aquis added that it would at present weigh how it can best use the proceeds from the sale. It will also contemplate its spatial relation on the Australian Securities Exchange, with the possible action that it steps away.

The transfer of training of moderate will leading to some executive changes, as well. Allison Gallaugher is resigning as director and CEO of Aquis, piece lawyers Simon the Canaanite Chan and Tony Pickett are coming inwards as new non-executive directors. Gallaugher testament now follow the CEO of Casino Canberra, but as an Iris executive.

The sales agreement of the cassino was the mathematical product of a failed endeavor by Aquis to secure an AUD330-million (US$226 million) redevelopment agreement with the Aussie Capital Territory (ACT) government. Aquis bought the holding inward 2014 and submitted a evolution design inward 2015, but right away ran into trouble.

The contrive sought-after(a) to append 500 one-armed bandit machines, fifty-fifty though current ACT lawmaking prohibits the casino from offering them. Aquis knew of this restriction when it purchased the property.

The regime responded at the terminate of 2018, but it wasn’t sound news. Concerned that regulatory controls and a deficiency of financial strength could be burdens, the ACT shot down pat(p) the request.

Instead, the ACT authorities made a compensation offering in which Aquis could run 200 slot machines and 60 electronic gaming machines, dependent on(p) on the troupe coming together sure strict criteria. However, Aquis balked and began looking for a buyer.

Australia’s Casino Uncertainty

Iris has tried to spread out its slot machine footprint inward Australia, as well. However, it has found resistance, simply same Aquis. When it wanted to add 60 slots to properties inwards Alice Springs inward the Northern Territory, the authorities rejected it.

The current environment inwards Commonwealth of Australia has governing officials taking a closer looking at the gambling ecosystem. There is a significant public outcry for a reduction inward accessibility to gaming, as well as a identification number of scandals involving major gambling casino operators.

Star Entertainment and Crown Resorts hold both received fines of more than $100 one thousand thousand after it was dictated that they facilitated money laundering and allowed criminals to roam freely on their gambling casino floors. In addition, authorities inquiries found that they repeatedly ignored responsible for(p) gaming policies.

That has led to inquiries into other casino operators, including SkyCity Entertainment Group, the New Zealand-based manipulator that owns SkyCity Adelaide inwards South Australia. Thomas More investigations experience uncovered possible money laundering thither and at other, littler casinos inwards the country, which testament carry on to wallop the entire market.

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