Casino Canberra under new ownership

Going from a $240 million dollar Reef Hotel Casino in Cairns to a $6 million dollar Casino in Canberra has to be a joke especially when they (government) plan to reduce poker machines in 2015 under new legislation.

How can anyone show a profit in 12 months when the Canberra Casino was not very profitable and not only that if the new licence holder (fungs) think that investors will put up $8.5 billion dollars for the Aquis casino then somebody is having themselves on.
After the Deputy Premiers statement during a media interview recently he stated that the Gold Coast and Far North Queensland licences are doubtful.
The failure of the Fungs to attend 3 "FORMAL" meetings and failing to complete the required probity requirements the licence for Cairns should not be granted, in fact the application should be cancelled.
Will the Queensland Government have the "balls" to stand up to these people and say NO, the residents of Cairns are getting sick'n'tired of all the garbage being spruked about Aquis.
A pipe dream gone wrong.

Link to the story below: http://the-riotact.com/casino-canberra-under-new-ownership/139134

•23 December 2014


Canberra Casino

Minister for Racing and Gaming Joy Burch today announced the transfer of ownership for Casino Canberra from Casinos Austria International Limited to Aquis Canberra Pty Ltd.

“The decision to approve the transfer of licence was not taken lightly,” Ms Burch said.

“It follows an extensive probity investigation undertaken by the Gambling and Racing Commission, in consultation with the Queensland Office of Liquor and Gaming Regulation.

“The investigation did not reveal any findings that would prevent the transfer from occurring and the new owner, Hong Kong businessman Tony Fung, has clearly 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.

Tony & Justin Fung

“Preliminary discussions have already taken place at a high level on how Mr Fung and the Aquis Group can become an important element in the success of the Canberra economy.

“Aquis Canberra Pty Ltd will provide a voluntary contribution to the Problem Gambling Assistance Fund to assist with research, self-help and promote education within the community to assist alleviate and prevent harm from problem gambling.”

The transfer of the licence to Aquis Canberra Pty Ltd does not change the current restrictions on the operation of electronic gaming machines by the casino.
Community clubs remain the only operators of Class C electronic gaming machines in the ACT, with Class B machines being phased out.

Legislation to be introduced into the Legislative Assembly early in 2015 will also see the biggest reduction in electronic gaming machines since self-government.