Tony Fung’s billionaire takeover of Casino Canberra approved
The transfer of ownership from Casinos Austria International to Aquis Canberra was announced by ACT Gaming and Racing Minister Joy Burch.
Burch said that Fung had “demonstrated his delight at the opportunity to invest in Canberra” and said that the deal had been approved following “an extensive probity investigation undertaken by the Gambling and Racing Commission, in consultation with the Queensland Office of Liquor and Gaming Regulation”.
She added: “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.”
It is also expected that Aquis will float on the Hong Kong Stock Exchange in 2016 in an effort to raise equity to fund a new casino and resort development north of Cairns. The project received environmental approval by the Queensland Government last week.
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