A Hong Kong billionaire is about to throw a lifeline to the ailing Casino Canberra.
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Justin Fung said on Tuesday his Aquis Great Barrier Reef Resort Group had entered into a share purchase agreement to buy the casino from Casinos Austria International. The takeover could result in more Asian high rollers coming to Canberra to gamble.
Aquis also announced a larger transaction, including a $276 million takeover bid for the Reef Casino Trust and its associated management entities which owns the Reef Hotel and Casino in Cairns.
Mr Fung promised to revive Casino Canberra if the acquisitions receive regulatory approvals. "If successful, we will start working immediately to grow Casino Canberra and start creating tourism and jobs," he said.
He described Casino Canberra as an exciting prospect that would have a bright future under Aquis management, either as a stand alone or as part of a group of Aquis-owned casinos including the Reef Hotel and Casino and, if approved, Aquis' proposed $4.2 billion integrated resort and casino at Yorkeys Knob near Cairns.
"With our extensive contacts and experience in Asia, Aquis is already well placed to develop the market
profile of Casino Canberra with international casino visitors," he said. "This will only improve if the Aquis Great Barrier Reef Resort development is approved, which could create marketing synergies with Casino Canberra."
Mr Fung said Aquis planned to invest in upgrading Casino Canberra and would begin working on a detailed strategy as soon as it took ownership of the casino.
"Casino Canberra is an excellent asset that we will ensure becomes an important attraction drawing visitors to Canberra as well as a great facility for locals," he said. "We look forward to releasing our growth plans for the casino at the earliest opportunity.''
ACT Minister for Gaming and Racing Joy Burch welcomed any additional interest in investment in Canberra.
''Any change of licensing or ownership of Casino Canberra is subject to my approval as minister and I will be seeking advice from the ACT Gambling and Racing Commission on the regulatory suitability of this proposal," she said.
The casino has been in decline for years. Last year its operator said it would be laying off staff and reducing opening hours, citing the lack of poker machines as a problem. Mr Fung is the son of Hong Kong private investment banker, financier and investor Tony Fung and the grandson of legendary Hong Kong banker and investor Fung King Hey, who founded Sun Hung Kai Securities, the largest financial services company in Hong Kong and Sun Hung Kai Bank, the first Hong Kong bank to receive a full banking licence after the 1965 government moratorium on the granting of banking licences.