Casino Canberra is set to change hands in a $32 million transaction, after signing a deal with a company owned and controlled by Michael Gu, who leads Australia’s biggest hotel owners.
Hong Kong Billionaire Tony Fung, bought Casino Canberra from Casino Australia for $6.5 million in 2014. Now, Four Years later, he proposes selling his majority shareholding to Blue Whale Entertainment, in a complicated deal that involves a Cash Component, paying off loan and a three year transition to buy remaining shares.
Blue Whale is owned by Mr Gu, who is also chief executive of iProsperity, which invests on behalf of high worthy Asian investor, according to the Australian Finance Review.
Mr Gu does not have a casino license and will need to be approved by the ACT government to hold one.
In a recent statement, he said: “Blue Whale was established for iProsperity growing leisure and Entertainment portfolio and the casino deal would set the business in the right trajectory”.
” With our Wealth of experience in hotels, we believe this presents the business with a unique opportunity to this largely untapped market and provide canberra with World Class Experiences”.
Blue Whale would upgrade the casino, including introducing “new world class restaurants”.
“We are hoping to create a brand new Entertainment hub for the Nation’s capital and attract even greater number of visitors to Canberra” he said.