Michael Gu, the Group CEO of iProsperity Group (iPG), has doubled down on Canberra. Mr Gu’s Blue Whale Entertainment Pty Ltd (Blue Whale) has entered into a binding implementation deed to acquire a controlling share of Aquis Entertainment Limited, owner of Casino Canberra and has plans for exciting upgrades to the Casino Canberra precinct.
Blue Whale has been established as the future of IPG’s burgeoning leisure and entertainment asset portfolio.
It is associated with the investment manager of the SB&G Group (Australia) Fund (SB&G Fund), which owns the Crowne Plaza Hotel, located adjacent to Casino Canberra on Glebe Park, and $50 million Holiday Inn Express development. There are exciting potential future synergies which could be generated for Casino Canberra through these relationships.
Mr Gu said: “With IPG’s wealth of experience in hotels, we believe this acquisition presents a unique opportunity to release a largely untapped market and provide Canberra with more world class experiences”.
“We have plans to upgrade the casino, adding new world class restaurants and premium gaming facilities. Alongside SB&G Fund’s development of the new Holiday Inn Express hotel, we are hoping to create a brand-new entertainment hub for the nation’s capital and attract even greater numbers of visitors to Canberra”.
The Casino Canberra acquisition comes after iPG’s Hotel Market Analysis report released in September found that Canberra’s hotel market recorded double digit growth from June 2017 to June 2018.
According to the report, Canberra benefited from increased volumes of leisure tourism generated by food and wine destination travellers, coupled with the new international connections headlined by Singapore Airlines and Qatar Airways.
Please refer to the Aquis Entertainment Limited ASX Announcement: