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Aquis Entertainment has officially concluded its time in the casino industry, following the sale of its wholly-owned subsidiary Aquis Canberra Pty Ltd to Iris CC Holdings Pty Ltd for AU$63 million (US$42.5 million). Real money casinos have just got real.
This operating entity was made up of Casino Canberra, which became less profitable for Aquis Entertainment over time due to changing market conditions and customer trends. Consequently, Iris CC Holdings have taken ownership of the premier casino in Australia’s capital city, with a commitment to investing in facilities that offer customers memorable experiences. With this new direction, Casino Canberra is sure to maintain its place as a prominent entertainment destination.
Aquis has recently completed a successful transaction that includes receiving an AU$60.5 million completion payment. This major payout was due to a sizeable deposit accompanying the payment and an additional AU$ 2.5 million held in escrow in case any warranty claims had to be addressed further down the line. The funds have enabled Aquis to pay back a loan to its majority shareholder in full, thus allowing them to pursue further opportunities and keep up their financial success. This shows that Aquis is not only efficient with its finances but capable of major successes as well, which is always encouraging for investors.
Allison Gallaugher recently announced her resignation from her role as CEO and Director at Aquis, but she will still remain the CEO of Casino Canberra after new ownership provided by Iris Capital. With the change of management comes an exciting transition period where Allison will receive administrative assistance from Iris.
Talking to Asia Brief she said” As 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,”
Casino Canberra wants to have pokies installed. The original proposed redevelopment plan for Casino Canberra was ultimately rejected by the ACT government due to its inability to provide certainty surrounding regulation and financing details. Ultimately, the government offered to allow 200 slot machines and 60 EGMs subject to certain conditions – an offer that Aquis, the casino’s owner, did not accept.
The loan owed by Aquis was graciously forgiven, allowing the company to acquire funds from the sale and use them for future plans. On January 1st of this year, all conditions were met that allowed for the closing date and regulatory approval had been issued two weeks prior. The new owners are providing administrative assistance during this transition period while Aquis’s former CEO assists with matters relating to the transaction until a limited period ends. This news has left many people eager to hear what decision Aquis will make as a listed entity at the end of the month, hoping that it is one that will benefit their company and the ones affiliated with it.
We here at Trueblue Casino are following this story with interest. The ACT government has acted and shown the need for financial transparency. It will allow the country’s casino tradition to continue. Casinos will have to be more open with their governance, which is a good thing.
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