Casino Canberra will be bought for $ 22.6 million

Casino Canberra will soon be sold to one of the most famous Australian hotel owners, Michael Gu, as part of a potential deal worth $32 million Australian dollars ($22.6 million). It should be completed in the second quarter of 2019.

On December 21, Aquis Entertainment, the current owner of Casino Canberra, announced on the Australian Stock Exchange that they had entered into an implementation agreement with Blue Whale Entertainment, a company owned and controlled by Michael Gu.

Gu is also the executive director of iProsperity, a privately held investment company representing Asian high-yield investors, which has established itself as a firm for acquiring large hotels.

As a result of the transaction, Blue Whale will receive an outstanding convertible loan and 137 million shares of the company owned by Aquis Entertainment Canberra Holdings. After closing the deal, Blue Whale will replace ACH as the controlling shareholder of the company with a 87% share.

Michael Gu noted that the acquisition will give the company a unique opportunity to provide Casino Canberra with more experience of a new level and added that he has plans to upgrade the casino, build new restaurants and premium-class gambling facilities.

In October, the question of Casino Canberra restructuring remained open. Aquis Entertainment experienced a number of difficulties, which was why the reconstruction decision was postponed.