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Aquis Entertainment Receives Extension for Canberra Casino Redevelopment Proposal

Canberra Casino Aquis

May 17, 2018

 

Canberra Casino Aquis

The Australian Capital Territory Government has given Aquis Entertainment an extension for its proposal to redevelop the Canberra Casino, after being given a month to finalise details in April. The company initially placed a $330 million unsolicited bid to rebuild the casino in 2015. As part of the deal, Aquis Entertainment would receive the right to operate pokie machines in the casino.

Aquis Needs Time to Finalise Financial Information

Aquis Entertainment requested an extension for its proposal earlier this month as the company requires more time to finalise all requested financial information. While the exact information that is still required is unknown, a spokesperson for the ACT government did state that Aquis’ motives behind the requested extension were “reasonable.”

At this time, a new deadline for the proposal has not yet been set. With regards to Aquis Entertainment’s plans for the Canberra Casino, the company has previously stated that the plan is to turn the venue into a “first-tier” leisure spot. Redevelopment is set to be completed within the next two to five years.

Aquis to Factor in New ACT Gambling Laws in Framework

Currently, the ACT government is in the process of amending gambling laws to introduce a cap on the number of pokies available in the area. The cap will limit the number of pokies available throughout casinos and clubs in Canberra to 4000. Although the bill was set to come into action later this year, its implementation has been delayed to August 2019.

Aquis Entertainment will need to factor in these laws within its new proposal to remain compliant with amended laws. Canberra Casino will be allowed to operate a maximum of 200 pokie machines at a time.

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