πŸ”₯ The tables have turned: Casino Canberra re-launches | HerCanberra

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ACT Gaming and Racing Minister Joy Burch said the transfer of ownership of Casino Canberra from Casinos Austria International to Aquis.


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Mirroring similar measures taken by the larger Star Entertainment Group, Aquis – which owns and operates Casino Canberra in Australia's.


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ACT Gaming and Racing Minister Joy Burch said the transfer of ownership of Casino Canberra from Casinos Austria International to Aquis.


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A new integrated entertainment precinct for Canberra

But the plans got bogged down in the ACT government's lengthy unsolicited bids process and in the highly politicised environment that surrounds poker machine and gambling policy in Canberra. Photo: Jeffrey Chan. Blue Whale would upgrade the casino, including introducing "new world-class restaurants".{/INSERTKEYS}{/PARAGRAPH} In a statement to the Australian Stock Exchange, he said Blue Whale was established for iProsperity's growing leisure and entertainment portfolio, and the casino deal would set the business "in the right trajectory". Mr Fung's Australian focus would be on growing his racehorse breeding business, Aquis Farm. Photo: Supplied. In the case of a corporation, that assessment extends to each executive officer and influential person within the entity. Under gaming laws, anyone who wants to buy the casino must undergo a probity assessment before the minister will approve the sale. Asked why Mr Fung decided to sell, a spokesman said Blue Whale's proposal had been unsolicited. Photo: AFR. Tony Fung, who now plans to sell out of the Canberra casino in favour of his horsebreeding business. Asked whether the sale was a shock, he said the decision was a "matter entirely for the company", although Aquis had previously told the stock exchange that it had been engaging in a confidential bidding processes. Company records show Michael Gu, also known as Menghong Gu, 31, is Chinese born and lives in a Sydney harbourside suburb. But it imposed tough new bet limits and taxes on the machines and no final deal was reached. Mr Gu's co-director in the firm but not shareholder is Chinese-born Zhou Xiang Huang, who also has a Sydney harbourside address, and was appointed on Wednesday December 19 this week. Tony Fung has now signed a deal to sell his shareholding. Just this month, the ACT government finally quashed the bells and whistles redevelopment. Blue Whale is owned by Mr Gu, who is also chief executive of iProsperity, which invests on behalf of high-worth Asian investors, according to the Australian Financial Review. Mr Gu does not have a casino licence and will need to be approved by the ACT government to hold one. Part of the debt is being forgiven. A spokesman for ACT Gaming Minister Gordon Ramsay said the minister had not met with any representatives in relation to the acquisition of a casino license. A spokesman confirmed he has no other casino interests. He planned swank hotels, brand retail and a grand new entrance on to Glebe Park, at one point also incorporating the nearby Canberra convention centre. {PARAGRAPH}{INSERTKEYS}Now, four years later, he proposes selling his majority shareholding to Blue Whale Entertainment, in a complicated deal that involves a cash component, paying off a loan, and a three-year transition to buy remaining shares. Also this morning, Friday, December 21, Aquis told the Australian Stock Exchange that the company's financial controller, Allison Gallaugher, would take over as acting chief executive on January 1. The government agreed to allow the casino to have poker machines in its gambling hall, breaking the stranglehold that the city's clubs have had on poker machines. After that decision, chief executive Jessica Mellor told the Australian Stock Exchange that certain decisions taken by the ACT on electronic gaming machines and to not make certain land available meant it was difficult to continue with the original proposal. He replaces Fuyin Fan, of Singapore who was appointed as a director on Tuesday this week, but ceased the following day, according to company records. Then, after three years, the rest of the Fung shares are to be bought by Blue Whale, leaving Blue Whale owning up to 87 per cent of the shares. Mr Fung owns just under 90 per cent of shares in Aquis, which is listed on the Australian Stock Exchange, and the deal will need shareholder approval, with full details expected to go to shareholders in January for a meeting in early March. Ms Mellor foreshadowed her departure in August.