Shareholders are set to vote on the sale of the casino to Blue Whale Entertainment on March 21, an acquisition foreshadowed in December.

Documents related to the sale suggest the new directors Michael Gu and Kevin Fan will "bring to the company refreshed perspective at the board level and the opportunity for refinements to the strategy of the company".

However they also reveal Blue Whale will consider outsourcing management of the casino to an external manager, affiliated with Blue Whale and the IProsperity group, of which Mr Gu is chief executive.

“If this was to occur it is expected that the employment of the senior management of the company would transfer to the management company," shareholders were told.

However the arrangement would still need to be approved by the independent directors of the company, one of whom will be Tony Fung, the casino's current owner.

"Mr Tony Fung has advised Blue Whale that in his capacity as a significant independent shareholder he would be supportive of such an arrangement provided it is on arm length terms which are commercially reasonable to Aquis," the documents read.

A Canberra Casino spokesman said the outsourcing of management was a matter for Blue Whale if the sale was approved, and Blue Whale failed to respond to requests for comment.

However the Canberra Casino spokesman did say the outsourcing was simply a "structuring change" and would have no impact on people or roles.

"It will essentially see key management personnel employed by a new management entity so they can work across Casino Canberra and other businesses if necessary," he said.

The sale is expected to be completed by mid-May pending regulatory approvals.

In December, Blue Whale unveiled plans to buy the casino in a complicated transaction where the company will immediately hold an 86.64 per cent shareholding in Aquis Entertainment in exchange for a total payment of $28 million.

Blue Whale will also have a conditional right to increase its shareholding up to 94.10 per cent for an additional payment of $4 million to the Aquis group.

An independent report commissioned by Aquis concluded the proposed transaction was fair and reasonable, as the proposed share price for the converted loan - $A0.20 - was significantly higher than Aquis's share price at any point during the past year.

But it also drew attention to Casino Canberra's substantial losses for the years ending 31 December 2016 and 2017.

“Even though visitor numbers and net casino gaming revenue increased during that period that growth was achieved through a marketing and operating strategy that focused on attracting premium and high stakes players with concomitant costs both in terms of marketing and promotion costs and payroll related expenses," the report said.

“Casino Canberra modified its operating strategy in 2018 to refocus on its broader customer base with less emphasis on high stakes players (although still delivering the marketing efforts that had been conducted in previous years) and a significantly reduced cost base.This has resulted in a return to profitability in the second half of 2018."

The report also laid bare the limitations on the Canberra casino that make it difficult to turn a profit.

Casino Canberra has one of the smallest gambling turnovers in the country even when compared to the five regional casinos, and is the only Australian casino not allowed to operate poker machines. It is also one of two casinos that do not have their own hotels.

It has a largely local patronage, unlike Darwin or Cairns casinos, and because of the aforementioned factors is in direct competition with other gaming and food venues "to a greater degree than other Australian casinos".

Despite this, Blue Whale has flagged it will undertake further upgrades ot Canberra Casino including the introduction of "new world class restaurants" and "further optimisation of the venue's premium gaming facilities".

"Blue Whale's vision is to reinforce Casino Canberra as the entertainment hub of the nation’s capital to drive even greater numbers of visitors. If shareholders approve the proposed transaction Aquis looks forward to working collaboratively with Blue Whale to deliver on its vision for Casino Canberra," the documents read.