Oscars Hotels is one of largest hospitality groups in Australia featuring an ever-expanding portfolio
Aquis Entertainment Limited announced last week that it has signed a share purchase agreement with Capital Leisure & Entertainment Pty Ltd, which is owned and controlled by interests associated with the Oscars Group (Oscars) for the sale of 100% of the shares in the Company’s wholly owned subsidiary, Aquis Canberra Pty Ltd (Aquis Canberra), or Casino Camberra, for A$52 million, plus or minus customary completion adjustments. The sale is conditional on Aquis shareholder approval and ACT casino and liquor licensing regulatory approvals.
The company said Casino Canberra is its main business undertaking. The board is considering new opportunities and will provide an update to shareholders by the end of June. These may include repayment of debt and a potential distribution of funds to shareholders. It is also considering repaying some, or all of a convertible loan between the company and its major shareholder Aquis Canberra. The loan has an outstanding balance of AU$33 million.
Allison Gallaugher, CEO of Aquis and Casino Canberra said: “The transaction provides considerable value to the company and its shareholders. It recognizes the attractive operating performance of the business which has continued to trade well since reopening post the Covid-19 lockdowns. As an employee of Casino Canberra, I am also very excited about the future and working with Oscars on the continual improvement of our business,” adding that she is staying on as a director of the company and CEO.
Mario Gravanis, Director of Oscars, said, “We are excited by the opportunity to acquire the Casino Canberra business. We will be working closely with Aquis over the coming months to satisfy the necessary conditions precedent with minimal disruption to the business and look forward to working with the Casino Canberra team in the future.”
Oscars is a diverse hospitality Group operating throughout New South Wales, founded in 1986. Owned and operated by the Gravanis brothers for over thirty years, the group began with the acquisition of a single pub in Sydney’s Inner West. Today, Oscars Hotels is one of largest hospitality groups in Australia featuring an ever-expanding portfolio. The group operates across a variety of segments including pubs and gaming, accommodation, retail liquor, conference and events centers, chartered vessels, and both commercial and residential developments.
