Australia – Canberra celebrates best ever monthBy Phil - 11 November 2015
Billionaire casino newcomer Tony Fung is celebrating after reversing the fortunes of his recently bought Canberra Casino which has just recorded its highest gaming revenue in its nine year history of operating.
Mr. Fung’s Aquis Entertainment, which bought the casino for $6m from Casinos Austria in December 2014, has reported GGR of $2.4m for October, representing a 62 per cent increase on September’s results and an 80.4 per cent increase for October’s figures last year.
Even more impressive is the fact that the turnaround has come despite Casino Canberra still not being able to operate any slot machines. It currently has 39 gaming tables and two bars. Mr Fung wants to install slots as part of a $330m redevelopment at the site that would transform the casino into more of a resort. Aquis believes that the envisaged resort would generate an additional $60m a year in taxes. It also predicts that the project would attract an extra 750,000 tourists and VIP Chinese gamblers to Canberra each year. It also wants to build two additional hotels; one boutique, 12-suite, six-star resort and a 100-room five-star hotel, along with a 3,300sq m extension to the National Convention Centre.