LOSSES DEEPEN AT CASINO CANBERRA WITH DEVELOPMENTS STILL STALLED
Casino Canberra’s losses have deepened to A$2,553,772 in Australia with revenue falling 2.7 per cent to just under A$12m in the first half of the year.
Aquis Entertainment Limited, the owner of the casino, said it had continued to create ‘efficiencies’ through cost control and improving business processes.
It is still in discussion with the ACT government about ‘associated legislative conditions’ having rejected the government’s offer of 200 slot machines having wanted to install 500 as a sweetener to investing A$$330m in its Glebe Park precinct home with luxury hotels offering 100 five-star hotel rooms, as well as 12 six-star luxury villa-type accommodation, luxury retail and world-class food and beverage.
Aquis said: “The group continued to apply the medium-term strategy outlined in 2016 of demonstrating the group’s ability to significantly improve an underperforming operation by a combination of leadership and targeted investment in the business.
Aquis advanced its strategy through the 2019 half year, by focusing marketing activities to capitalise on the refurbishment of the Casino Canberra property in 2016, continuing to improve the efficiencies of operations by a combination of cost control and improvement in business processes, as well as the ongoing liaison with the ACT Government in relation to redevelopment options and associated legislative conditions.
A strong budget has been set for the year, with the expectation of positive EBITDA and cash flows for the full financial year; the half year results achieved have slightly below those targets, however management continue to focus on the group’s strategy and expect to achieve the target for the full year.”
