Tony Fung’s Aquis Group has extended the deadline for the completion of its $276 million acquisition of Reef Casino Trust and its associated entities.
The statement came after Aquis’ announcement that it had received over 81% of the units in Reef Casino Trust and that it had obtained regulatory approvals from several federal agencies, including the Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC).
The company said that it needed more time to finish some outstanding needs and conditions, thus the decision to extend the deadline for acceptances to November 28, 2014. One is the Queensland gaming regulatory probity approval and the other is the 90% minimum acceptance condition for the acquisition of Reef Casino Trust. The Hong Kong billionaire and Aquis chairman also indicated that the company has made progress in securing approvals with the Office of Liquor and Gaming Regulation (OLGR) in Queensland.
“To allow some more time to satisfy these two conditions, we are extending the closing date of the offer to 28 November 2014,” Fung said in a statement. “In our view, the extension provides ample opportunity for OLGR to complete their investigations and advise us of the outcome.”
Fung has made no secret about his desire to acquire Reef Casino Trust in order for the company to establish itself in the community and build up its client base in the area and also attracting foreign visitors from Asia while simultaneously constructing the $8.15 billion integrated resort is being constructed at the same time. Fung also noted that it would be difficult for Aquis to spend five years constructing the massive resort without ingratiating itself and its business in the community.
That would tantamount to sitting idly by as the resort is being built without getting a first-hand look at the gaming habits of the community and the appeal of the region as a tourist destination for foreigners.
Fung believes that owning the Reef Casino Trust would go a long way in creating that familiarity that the massive Aquis resort can use immediately after it opens in the latter part of the decade.
