Canberra Casino sold to Iris Capital for $63,000,000 from Aquis Entertainment by Nick Lower and Max Cooper of Savills. 

Max Cooper, Savills Hotels Director told The Hotel Conversation, "We provided buy-side advisory for Iris Capital to acquire the Canberra Casino as a going concern from Aquis Entertainment".

"As with all ACT property, the land was held under leasehold title and was a strategic property situated between the Crowne Plaza Hotel and the National Convention Centre in Canberra’s CBD," said Max.

According to Nick Lower, Savills State Director NSW & VIC Hotels, "The trade of the casino was impacted by Covid-19, both positively & negatively at different times making and assessment of sustainable earnings an arduous task. In addition both the vendor & purchases wished to explore introducing poker machines into the operation which would include changing gaming legislation in the ACT." 

Transfers of casino licenses and businesses are always very regulated and subject to probity approvals – made more difficult with enquiries into Crown & Star City casino groups.

"Iris was not the only interested party & out bid Oscars Hotels Group who was in due diligence on the asset when Iris expressed their interest through Savills Hotels," said Nick.

The sale was conducted off-market as Aquis is a listed group owning only one asset and would not offer the property for sale.

For more information contact either Nick Lower or Max Cooper of Savills Hotels via the contact form below.