Aquis Entertainment reveals 2018 full-year results ahead of vote on sale of its Canberra Casino

The listed entertainment arm of developer and racing company Aquis Group has revealed its results for 2018 as shareholders prepare to vote on a proposed sale of its Canberra casino.

Aquis Entertainment planned a $330 million redevelopment of the Canberra casino.

THE listed entertainment arm of developer and racing company Aquis Group has posted a $3.4 million full-year loss for 2018 as shareholders prepare to vote on its proposed sale of its Canberra casino.

Aquis Entertainment’s loss was a 75 per cent improvement on the previous calendar year when the company lost $13.8 million.

The company, owned and chaired by billionaire Hong Kong businessman Tony Fung, decreased revenue by 0.45 per cent to $26.03 million compared to $26.15 in 2017 but increased net earnings, which were $625,885 compared to a $4.7 million loss the previous year.

Aquis is set to hold an extraordinary general meeting at its Broadbeach office on March 21 where shareholders will decide whether to enter a complex agreement to sell Casino Canberra in a $32 million deal to Blue Whale Entertainment.

Blue Whale is owned by Michael Gu, who is CEO of investment group iProsperity and also has a stake in SB & G Group, which bought the Gold Coast and Brisbane Watermark hotels last year.

Tony Fung unveiling plans for a new $440 million 6 star hotel at Surfers Paradise. Picture: Richard Gosling

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In releasing its results this morning, Aquis said it had increased revenue from gaming by 0.87 per cent, but decreased food and beverage sales by 12 per cent.

It also managed to decrease payroll and marketing expenses by 17.7 per cent.

The company holds cash reserves of $4.68 million and undrawn loans of $3.07 million.

Aquis Entertainment’s executive director and CEO Jessica Mellor resigned from the company last week and has been replaced by fellow executive director Allison Gallaugher.

The wider unlisted Aquis Group has become a key player in the Gold Coast horse racing scene after buying Nathan Tinkler’s former stables at Canungra and becoming a key sponsor of the Gold Coast Turf Club.

Aquis has also planned a $440 million hotel and residential development, Pacific Point, at Surfers Paradise and is co-owner of the `Vomatron’ block in the same suburb.