Aquis Entertainment unveils $330 million redevelopment of Casino Canberra
Listed gaming group Aquis Entertainment Limited (ASX: AQS) has today released its plans for a $330 million redevelopment of Casino Canberra in the Australian Capital Territory (ACT).
The two-stage proposal will transform the current Casino Canberra and surrounding precinct into a world-class leisure and entertainment destination with a range of new and enhanced features, including;
• Luxury accommodation including 12, 6-star villas and 100-suite, 5-star hotel
• 3,300 sqm extension to the National Convention Centre
• A world-class dining and entertainment precinct including internationally renowned brands
• Luxury retail shopping mall
• Day spa and resort facilities
• Expanded gaming offering, including international standard VIP gaming facilities
• Increased car parking and new road access and
• Revitalised City Walk.
Aquis Entertainment Executive Director Justin Fung said the project would transform the existing facility into a highly regarded destination and further diversify Canberra’s tourism offering and economic base.
“We have a vision to transform Casino Canberra into an integrated entertainment precinct that the whole city can be proud of,” he said.
“We are driven by a desire to contribute positively to the cities where we operate and anticipate playing a leading role in the ACT’s inbound tourism market as our project develops,” he said. “In time we would hope to bolster the argument for direct international flights to Canberra.
Research conducted by Deloitte Access Economics demonstrated significant economic gains from the construction and ongoing operation of an upgraded Casino Canberra. This includes:
• an increase in Gross Territory Product of up to $61 million per annum
• the creation of around 200 full-time jobs during construction
• the creation of up to 420 new jobs ongoing
• significant tourism benefits with up to 726,000 new visitors per annum
• significant new tax revenue to the ACT Government.
Mr Fung said the project would help to diversify and strengthen Canberra’s economy.
“We will work with local suppliers and employ local people, creating significant employment both during construction, and on an ongoing basis once fully operational, assisting with a diversification away from strong reliance on federal government employment,” he said.
The project is also expected to be a major catalyst for the progression of the City to the Lake urban renewal project.
“Our Canberra based architects, Cox, have designed an innovative solution that takes into account the size and characteristics of the site, while delivering on our vision for an integrated entertainment precinct and a revitalisation of the City South area,” Mr Fung said.
“The new Casino Canberra has the potential to provide much needed activation of the CBD and start the important process of connecting the city to the lake.”
Aquis lodged its development proposal with the ACT Government in August under the Territory’s Unsolicited Proposals framework and has commenced discussions with the government across a range of regulatory approvals.
The proposal is subject to further discussions with the ACT Government, financing and regulatory approvals.
For further information please contact:
Telephone: 0412 944 972