Aquis Entertainment is no longer part of the casino industry after the completion of the sale of its only casino property, Casino Canberra.
Earlier today, the group made an official announcement to inform that the casino property was taken over by Iris CC Holdings with an effective date of January 1st, 2023.
Aquis Entertainment received a completion payment worth a total of AU$60.5 million, including the deposit paid by the buyer at the time when the deal was signed. As the company revealed, deal completion adjustments are expected to be calculated and agreed upon in the weeks to come, while a further payment of AU$2.5 million in cash is being held in a special contractual agreement, called escrow, and is set to be received by the former owners of Casino Canberra in nine months from completion of the transaction.
As a result of receiving the aforementioned payment, Aquis Entertainment has been able to pay back the loan to the shareholder of its majority stake, after all the accrued interest owed by Aquis on the loan was forgiven by the company. In its latest announcement, the group shared that it had been considering the use of funds acquired as a result of Casino Canberra’s sale and the future of Aquis Entertainment as a listed entity. A decision is expected to be made, along with a recommendation to the company’s shareholders, by the end of the month.
All Regulatory Conditions for the Completion of Casino Canberra Takeover Met, Aquis Entertainment Confirms
Allison Gallaugher, the outgoing director and CEO of Aquis Entertainment, commented on the Casino Canberra’s sale, saying that the board members were pleased to have been able to consider, negotiated and finalise the transaction as a result of which all stakeholders of the company were provided with significant benefits. According to Ms Gallaugher, who has resigned from her job as a CEO and director of Aquis Entertainment and is set to continue as CEO of Casino Canberra, the casino property would continue to grow its strong results under the Iris CC Holdings’ ownership.
The new owners of the casino are set to provide administrative assistance to the former Casino Canberra’s owner for a transitional period. As expected, Ms Gallaugher will continue to assist Aquis Entertainment with various issues associated with the transaction for a limited period.
About a fortnight ago, Aquis Entertainment confirmed that it had received the necessary regulatory approval for the sale of its Casino Canberra property, which has been a main asset of the company. Earlier in 2022, the operator revealed that it had reached a takeover agreement with Iris CC Holdings and would dispose of the casino in return for AU$63 million.
At the time when the company confirmed that the competent regulators have given their approval to finalise the deal, it noted that all of the conditions that applied to the completion of the Casino Canberra share purchase agreement had been met, so the two companies were in discussions about an appropriate closing date for the deal. The sale was officially closed on January 1st, 2023.
- Author
Olivia Cole
