Tony Fung’s Aquis Entertainment has outlined its plans to become one of the best integrated resort casino operators in Australia.
During the Aquis general annual meeting, Director Justin Fung said that the company’s vision is to become at least the “third force” casino operator in Australia, next to Crown Resorts and The Star Entertainment (previously known as Echo Entertainment).
“We see a significant opportunity to create international quality destination properties in currently underserviced areas of Australia,” said Fung.
The company’s first project—the $330 million redevelopment of Casino Canberra—consists of a three-fold approach: addressing the operational shortcomings, renovating the property, and creating an international standards entertainment precinct.
New marketing and operation programs has already seen a positive result, with increased numbers of visitors and gaming activity. The casino posted $2.4 million in gaming revenue in October; up 62% from September and 80.4% year-on-year. The figure is also the casino’s highest monthly revenue in the last nine years.
The refurbishment plan has been presented to the Australian Capital Territory (ACT) government in September and work should commence in February 2016, confirmed Fung.
“We look forward to agreeing terms with the ACT Government in the near future to enable that project to progress,” added Fung. “With our plans for Canberra in place, we are pursuing other opportunities in Australia for implementing our vision.”
Aquis acquired the struggling casino from Casinos Australia in December 2014 for $6 million. After the renovation, the resort will feature six-star villas, a five-star hotel, retail option and a convention center. The company also continues to negotiate with the Queensland Government for its $8.15 billion Aquis Great Barrier Reef resort and casino at Yorkeys Knob.
