Gaming mogul Tony Fung announced plans to list his Canberra Casino on the Australian Securities Exchange via a listing through little-known miner Discovery Resources, local media reported.
Fung who bought the loss-making casino with 39 gaming tables and two bars for $6 million in December will rename Discovery Resources, Aquis Entertainment, The Australian newspaper reported.
The new entity’s board will be headed by Fung as the owner of the Aquis Group; his son Justin Fung and investment banker Raymond Or Ching-Fai, chairman and chief executive of China Strategic Holdings.
In the first stage, Aquis Entertainment proposes to raise $2 million via the placement of 10 million new shares at 20 cents each to help pay for the casino’s refurbishment, which is still subject to approval from the ACT’s gaming regulators.
Fung hopes to start construction on his $8.15 billion Aquis Great Barrier Reef Resort at Yorkeys Knob, north of Cairns, next year. But Aquis Great Barrier Reef project director Pat Flanagan said the Yorkeys Knob project remained a separate, wholly owned entity controlled by the Fung family, the Australian reported.