Hong Kong billionaire Tony Fung is set acquire Canberra’s ailing casino from Casino Austria International for AUS $ 6 million (£3.10 million).
Australian Capital Territory (ACT) Racing and Gaming Minister Joy Burch approved the sale to Fung’s investment enterprise Aquis after reviewing redevelopment plans put forward by the Billionaire.
Australian news sources report that Fung and his Justin negotiated the discounted sale with Canberra officials.
The acquisition deal was further eased by the approval granted by the Australian Competition and Consumer Commission. Aquis were further granted gaming licence for its proposed redevelopment of Canberra casino, which will see it converted into a large scale entertainment/leisure complex with hotel.
Joy Burch said Fung had “demonstrated his delight at the opportunity to invest in Canberra. The sale is a clear demonstration of the interest being shown by overseas investors in Canberra. It is a vote of support for our economy and indeed the Canberra community,”
Last month Aquis released a corporate statement saying that it was totally commited to the redevelopment plans for the Capitals Casino. Furthermore as part of the acquisition deal, Aquis will provide contributions to ACT problem gambling funds and selected state charities for education and welfare.