Discovery Resources, to be renamed Aquis Entertainment, has completed the acquisition of the Casino Canberra, with Hong Kong tycoon Tony Fung to become chairman of the combined group.
In accordance with the terms of the share purchase agreement, 149,421,874 fully paid ordinary shares in the capital of the company were issued to Aquis Canberra Holdings on 31 July, 2015.
The company is required to issue a further 14,125,051 shares to Aquis Canberra Holdings upon Aquis successfully submitting a proposal for the redevelopment of the Canberra Casino properties to the ACT Gambling and Racing Commission and the ACT Government.
This will upgrade the casino by offering a new suite of gaming options; 5 and 6-star accommodation offerings; new entertainment and dining facilities; and high end retail outlets.
In 2014, Canberra Casino generated revenue of AUD15.9 million ($11.5 million).