Identity of Casino Canberra bidder revealed
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Aquis Entertainment Limited has revealed the identity of the company that has made an official offer to buy its Casino Canberra property. The Sydney-listed firm agreed a provisional deal in May that was to have seen it offload the 38,750 sq ft venue to a subordinate of local hospitality giant Oscars Hotels Australia Proprietary Limited for roughly $35.85 million. This share purchase arrangement was later upped to around $39.7 million and the seller was supposed to receive $2.06 million in cash.
A second party has made a rival bid for the Casino Canberra property. The price is higher than the earlier offered by Oscar Hotels Australia Proprietary Limited.
Aquis Entertainment Limited has identified the second interested party as Sydney-headquartered Iris CC Holdings Proprietary Limited. The company's board will consider the IrisCC Holdings' proposal and update shareholders and the market in due course.
Aquis Entertainment Limited spent $5 million to purchase the Casino Canberra in 2014. The next year, Aquis submitted plans to revamp the venue, but the plans were denied.
Aquis Entertainment Limited is looking for a new company to take over the running of its Casino Canberra.
