Casino Canberra set to change hands
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Aquis Entertainment Limited has signed an agreement to sell its Casino Canberra property to Capital Leisure and Entertainment Proprietary Limited for $35.85 million. Oscar Hotels Australia Proroprietary will buy the entire shareholding in Aquis' Casino Limited operating arm. The deal could be completed by the end of June.
Allison Gallaugher is the Chief Executive Officer of Casino Canberra Limited. Capital Leisure and Entertainment Proprietary Limited intends to fund the acquisition on a debt and cash-free basis. Gallagher has also arranged to bequeath her firm some $2.06 million in cash to help it meet an unspecified number of casino regulatory requirements.
Aquis Entertainment Limited spent over $5 million in 2014 to purchase Casino Canberra. The next year, Aquis submitted plans to revamp the venue, but the plans were denied.
Oscar Hotels Australia Proprietary Limited is interested in taking over the running of the Casino Canberra. Oscar Hotel Australia owns Palm Bay Resort in Queensland and Beachcomber Hotel and Resort, central New South Wales. Mario Gravanis is a director of Oscar Hotel Australia.
