Canberra Casino records 80 percent revenue boost
Gaming ace Canberra Casino announced significant profit growth in nine years of its operation during a trading update to the Australian Securities Exchange.
The casino is run by Aquis Entertainment, which announced on Tuesday that the gaming revenue of the company in October has been recorded as $2.4 million a 62 percent hike from what the casino gathered in September. The profit of the gaming company was an 80.4 percent swing from October 2014.
Owner Tony Fung bought the Casinos Austria with 39 gaming tables and two bars for $6 million in December 2014. In April, Fung announced listing the casino to the Australian Securities Exchange via Aquis Entertainment.
It has not been more than two months when the casino stated to invest 330 million for redevelopment, and now the company announced a $2.4 million increase in October. If the proposal for redevelopment is approved, then the Canberra Casino will have two more hotels. One would be a 12-suite six-star boutique resort, while the other one would be a 100-room five-star hotel. The plan for redevelopment also includes the extension of the National Convention Centre to 3,300 square metres.
Aquis Entertainment has told the ACT government that the redevelopment program requires poker machines operation permission, which is hard to get because of its ban. Presently, only Canberra’s clubs have the grant to operate poker machines.
As for the proposal, Chief Minister Andrew Barr said that he will try to remove the ban for the proposal as it will be generating additional $60 million in taxes per year. According to the claims made by the company, the tourists’ attention would get a hike with 750,000 tourists visiting the casino along with Chinese gamblers annually, though academics and the clubs sector have denied those claims.
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