Aquis and Oscars Agree on Casino Canberra Sale Terms
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Aquis Entertainment Ltd has signed a deal with Capital Leisure & Entertainment Pty Ltd, an Oscars Group subsidiary, to sell Casino Canberra. The price for which Casino is sold is AU$52 million ($36 million).
Aquis and Oscar agree on the terms of the sale of Casino Canberra. The company will use the money to explore new business opportunities. Oscar will get 100% of shares of casino. All of its employees will stay at Casino. Sale will be completed via cash and debt. Both parties agreed to satisfy the conditions before November 11, 2022.
Aquis and Oscars agree on the sale terms of Casino Canberra. The government blocked redevelopment plans for the casino. Aquis will continue to work with the government on various development opportunities. Casino had decent success in the first quarter of 2022. The casino’s total operating expenses for Q1 of 2021 reached $9.6 million. Labor costs were responsible for $4 million and operating costs for $5.5 million in that quarter.
