Casino operations are a greasy poll – revenue goes up and it goes down. Aquis Entertainment Limited, an Australian casino, is a perfect example of that. The casino registered overall revenue for the first six months of the financial 2018 to the tune of AUS$12.3 million. The sum was nearly 4% lower than a year before, which may have not much had much to do with the departure of CEO Jessica Mello, but certainly coincided with the event.
Acquis Reduces Net Loss
Meanwhile, news has surfaced that an anticipated deal between Executive Sports and Entertainment Pty Limited (ESE) will not be taking place after all. ESE cited budget reasons to cancel the deal. Back to Acquis, the casino did manage to post slightly better loss this year, which was cut in almost half from last year’s AUS$4.2 million on record.
The departure of Mello coincides with all these events. Having arrived at the helm in 2016 and spending three years before that working in the company in general, Mello is now stepping down early in 2019. As a result, Aquis is now focused on guaranteeing that Mello will pass the baton in a seamless manner that will help the company keep its positive results and continue to develop.
The deal with ESE fell through mostly because the parties involved failed to reach a consensus during negotiations in May and little followed after that. Another reason for the reverse from the deal was the fact that Aquis is not looking to invest into electronic sports (eSports) presently.
Recent Lack of Success – Nothing to Worry About
Attempting to realise its plan with the Canberra casino plans in 2017, Aquis ran into some opposition from ACT Gaming Minister Gordon Ramsay who elaborated on the specifics that bar any operator to launch products before certain certification milestones had been met.
According to Chairman of the Board Tony Fung, the casino has had some misfires in recent years. In 2015, Aquis was pushing ahead with a redevelopment plan which would have seen the company introduce 500 slot machines which will need licensing. Once approved, the new slots would have been delivered in Casino Canberra. However, changes in regulation capping the deployment of slot machines to 200 barred the company to push ahead with its intentions.
Despite the temporary setback, Aquis is still very much prepared to revisit its plans to develop the Canberra project. The company has yet to submit a revised version of its plan, though.
Australia is also undergoing its own restructuring of the gambling sector. One of the main problems in the country has been gambling addiction, which is now a rather pressing problem, too.
Not least of all gambling ads have been reaching adolescent and not-of-age individuals to the industry and children now consider gambling and betting as “normal” activities. Worse, many have gambled in some form before reaching the legal age.
The good news is operators such as Aquis are not part of the problem, but the solution. How soon before we see gambling addiction defeated in Australia is another matter altogether.