The Gravanis brothers have expanded the Oscars empire further, securing agreement from Aquis Entertainment to purchase Casino Canberra for $52 million.
Casino Canberra is the largest asset of ASX-listed Aquis Entertainment, controlled by Hong Kong billionaire mogul Tony Fung, who holds nearly 90 per cent of its stock.
Aquis acquired the Casino in 2014 and invested heavily in its expansion, but in 2018 its proposed $330 million redevelopment of the site was rejected.
The plans would have added seven restaurants and a shopping centre, a nightclub, expanded gaming operation, and a five-star hotel. The rejection did bring compromise by regulators to increase the Casino’s gaming machines and entitlements.
Sale of the Casino is still subject to government sign-off and shareholder approval, with the next shareholder meeting slated for late July or August.
But while its divestment may leave some doubt over the future of Aquis, the entity has been looking to offload the property for several years.
Chief executive Allison Gallaugher said in a statement “the transaction provides considerable value to the company and its shareholders. It recognises the attractive operating performance of the business, which has continued to trade well since reopening post the COVID-19 lockdowns”.
The strategic move by Bill and Mario Gravanis’ Oscars Hotels is reminiscent of Sam Arnaout’s purchase of Lassiters Casino in Alice Springs, in April 2021. Iris is now said to be planning a $70 million renovation and expansion at the property.
Pending approval to Oscars subsidiary Capital Leisure & Entertainment, the new asset is another in the lateral expansion that saw the brothers secure Caves Beach Tavern last month for $35 million, bolstering the portfolio with 39 seaside accommodation cabins, near Newcastle.
“We will be working closely with Aquis over the coming months to satisfy the necessary conditions precedent with minimal disruption to the business, and look forward to working with the Casino Canberra team in the future,” offered Mario Gravanis.
