Casino Canberra Reports Rising Losses & Focus On Redevelopment Plans
Posted on March 9, 2020 | 7:46 am
Aquis Entertainment, the owner and operator of Casino Canberra reported a loss of $3,957,193 to December 2019, which exceeds the loss recorded in 2018 for more than half a million dollars.
The financial report signed by Allison Gallaugher, who was officially announced as new CEO on the 27th of February, shows that the casino’s revenue has dropped 6.14% (almost $1.6 million) as its share price hit a low point of .011 at the end of the previous month.
As stated in the report:
“The first half of the year saw reduced revenues due to the local effects of the international VIP market reduction, however strong cost control ensured that the effects were minimized”.
The second half of 2019 brought better news and an increase in revenues as the company made certain efforts to stabilize VIP visitation and reduce volatility, which “produced an overall improvement in hold rates”.
Remaining committed to the company’s strategy of developing and managing world-class resorts in underserved areas of the country, Aquis is strongly focused on further enhancement of the operations of Casino Canberra and among other things, on minimizing expenditure while increasing customer service standards.
Following the termination…
…of the long-awaited deal to transfer ownership of the casino to Blue Whale Entertainment, the financial statements suggest the company is going to revive the redevelopment plans and return to discussions with the Government related to the installment of 200 pokies. The negotiation was put on hold due to the realization of the share sale transaction, hence many details of the legislated requirements still need to be reconciled.
At the moment, elegant Canberra Casino is home to blackjack, poker, roulette, and baccarat tables, which offer high-class entertainment for players of all styles and bankrolls. The place is known for the exciting tournaments (including freerolls) in all aforementioned games.
Still, the management of the casino believes that pokies will be a great addition to the selection of table games, able to contribute to the overall performance. The planned development also provides for luxury hotels, prestige brand shopping, new bars, cafés, as well as a new convention center.
“There are several other prospects available to the company, which will be investigated and valuated prior to reporting in due course,” said in the statements. “The existing short to medium term strategy to improve service and gaming offerings, increase revenues and minimise expenditure via improvements in processes and increased efficiencies continues from prior years.“