The Sam Arnaout brothers outbid the Gravanis family to take control of Canberra casino.
After outbidding veteran hoteliers the Gravanis brothers, Sam Arnaout has now made a deal with Aquis Entertainment to acquire Casino Canberra.
Arnaout, who previously had only casinos in his portfolio has now added a hotel and transportation company to the mix. His other properties include Sydney’s famous Concert Hall as well as various locations on Australia’s Gold Coastapped by its most popular surfing town – surfers Choice!
The Acquis Group, majority-owned by Hong Kong billionaire Tony Fung was accepting a revised offer from Arnaout’s capital investment fund. The new price is set at AU$63m for this Australian based casino resort that also owns the iconic pokie brand “Iris”.
The Canberra casino is now under new ownership as Arnaout Extives has acquired all shares in Aquis Gaming’s subsidiary that operates it.
The deal not only includes the local hotel, but also an online betting site and pokies license from New South Wales Department of Public Gaming for 20 years with no restrictions on table games or wagering requirements!
In an effort to get the deal done, Arnaout’s brothers raised their offer from AU$52m up into the hundreds.
After securing the casino property, Iris Capital raised its offer to AU$60m and then again by another 8% for a total of 63 million dollars.
When the Casino Canberra was hit with hard times, it looked like they would be in debt forever. The company’s majority owner Fung owed them an impressive AU$33m loan for their troubles- but then something amazing happened! With traders restrictions and lockdowns coming back after Covid 19 has ended we can finally see light at end of tunnel soon enough?
Iris has pulled out all the stops to keep up with its investments in Casino Canberra, taking on a new property worth 80 million dollars.
The company’s monthly expenditure is now at AU$220m after buying Syndey’s Strathfield Hotel for 80M Aussie Dollars alongside five other properties around Alice Springs which were bought together bargained collectively costing 75 Million All Inclusive!
The Lasseters Hotel Casino is set to be redeveloped with $100 million worth Australian currency.
The acquisition of Casino Canberra by Arnaout has been met with enthusiasm from the company. They look forward to working collaboratively in order create an even better experience for players while they are visiting or playing at one of Australia’s most popular casinos!
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