The sale of Canberra's ailing casino has been completed, with Hong Kong billionaire Tony Fung set to pay as much as $6 million for the property and associated gaming license.
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ACT Gaming and Racing Minister Joy Burch said the transfer of ownership of Casino Canberra from Casinos Austria International to Aquis Canberra had been approved by the territory's Gambling and Racing Commission, after months of speculation.
Aquis said it would reveal "an exciting vision" in plans for the casino early in 2015, following years of decline for the Binara Street facility.
Last week the company's resort arm was granted environmental approval by the Queensland Government for its proposed $8.15-billion resort and casino development north of Cairns.
Tuesday's purchase is expected to see Aquis float on the Hong Kong Stock Exchange in 2016, in an effort to help raise debt and equity to fund the massive Queensland project.
The ban on poker machines inside the casino has been blamed for reduced opening hours, decline in appearance and staff lay-offs in recent years.
Ms Burch said the licence transfer would not change the restrictions on poker machines, currently only allowed in Canberra clubs.
Mr Fung and his son Justin successfully negotiated a $3-million discount on the Canberra sale price in September and have talked with new ACT Chief Minister, Andrew Barr, and the government about other investment opportunities in the territory in recent months.
A gaming licence for the proposed Queensland resort at Yorkey's Knob is still to be granted by the Queensland government. The plan includes 7500 hotel rooms, two casinos, a convention centre, a golf course and an artificial lake.
The Canberra deal had already been approved by the Australian Competition and Consumer Commission and the federal government's Foreign Investment Review Board in recent months.
Ms Burch said the decision to approve the transfer of licence had not been taken lightly.
"It follows an extensive probity investigation undertaken by the Gambling and Racing Commission, in consultation with the Queensland Office of Liquor and Gaming Regulation," she said.
The probity investigation had not revealed any information to prevent the transfer from going ahead and the new owner.
Ms Burch said Mr Fung had "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," she said.
As part of the deal, Aquis Canberra will contribute to the government's fund for problem gambling, to help with research, self-help and community education.
In the 2013-14 financial year, the fund contributed more than $12.7 million to community organisations, which was 13.27 per cent of net gaming revenue.
The ACT Government's tax base is a key beneficiary of gaming machine revenue.
Last month an Aquis spokesman said the company was committed to long-term ownership of the capital casino and was "looking at various options for improvements and upgrades".
Justin Fung told Fairfax Media the new ownership could turn around the casino's slide in business.
The company's ambitious plans for Australia's casino market hit a snag in November when a $200-million bid for Queensland's Reef Casino Trust, owner of Cairns' Reef Hotel and Casino complex, collapsed after a deadline was missed.
