Casino magnate Tony Fung has worked diligently in recent months to revitalize Australia’s struggling casino industry. The Hong Kong-based billionaire and frequent casino investor recently purchased Casino Canberra in Canberra, Australia.
According to financial reports, Fung will pay more than $6 million to take control of Casino Canberra’s gaming license. Fung’s purchase also means that he now owns the actual casino, too. The sale of the casino was approved by Canberra’s Gambling and Racing Commission.
Tony Fung’s purchase of Casino Canberra will help fund his ambitious Aquis Cairns casino project. Financial experts speculate that Fung’s Casino Canbera purchase will add equity to the Aquis project on the Hong Kong Stock Exchange, which will give investors more incentive to invest in Fung’s real estate group.
Casino Canberra’s Struggles
Casino Canberra has had difficulty attracting gamblers ever since fixed-odds betting machines were banned in Australia. Officials at the Casino Canberra claim that the government’s ban on poker machines caused a decrease in the complex’s annual revenue.
As a consequence, the casino had to lay off several employees. Casino Canberra also had to reduce their operating hours due to the poker machine ban.
Tony Fung’s Purchase of Casino Canberra
Tony Fung worked with his son, Justin, to purchase Casino Canberra. Reports indicate that Fung and his son were able to buy the casino for $3 million less than the asking price. From there, Mr. Fung and Justin approached the Australian Competition and Consumer Commission to obtain a casino license.
Although the Fung family is very excited about the investment opportunities in Canberra, they are also aware that the presence of casinos can present certain social problems. This is why Tony Fung will be donating some of Casino Canberra’s annual revenue to community non-profit groups that research gambling addiction.