THE ACT government told Canberra Casino owners, Aquis Entertainment (Aquis), that its unsolicited proposal to redevelop the Casino precinct cannot proceed in its current form.
Following due consideration and in accordance with the ACT government’s Investment Proposal Guidelines, Chief Minister Andrew Barr says the Cabinet determined the current process is no longer a viable avenue.
“The ACT government has been engaging with Aquis on their proposal to redevelop the Casino precinct over the past few years,” he says.
“As part of this process, a legislative framework was put in place to allow Canberra Casino to purchase Electronic Gaming Machines (EGMs) authorisations from existing licensees.
“This process would have contributed to the overall reduction in EGMs in the Territory through mandatory forfeiture of authorisations.
“The Legislative Assembly also placed a number of harm-minimisation requirements on Canberra Casino operating EGMs, including mandatory pre-commitment and $2 maximum bets.”
Given the conditions of the proposal, as well as other considerations, including the lack of detailed financial information from Aquis, Mr Barr says the proposal cannot go ahead.
“Aquis have been invited to consider a number of alternatives to progress a smaller scale casino redevelopment, and the government will continue to engage with them and their representatives on the future of the precinct,” he says.