The sale of the Casino Canberra site to Aquis Developments has triggered the a major redevelopment of the City South precinct, with the new owners set to turn the current casino into a broader leisure, entertainment and nightlife destination.
Aquis Developments, which is owned and managed by the Hong Kong-based Fung family, purchased the site and adjoining land late last month. It plans to reinvigorate the City South precinct by creating a bookend between the retail and dining hub at one end of City Walk and the new casino and entertainment precinct at the other.
Managing director Justin Fung, son of chairman Tony Fung, said the new development will likely include a mix of internationally-acclaimed restaurants, bars, nightlife and entertainment options along with a redeveloped casino.
“I’d expect the quality of dining and entertainment options on offer to be on-par with some of the best integrated casino developments in Australia and around the world and we’ll be actively looking to compliment and add to what is already on offer in Canberra,” he said.
“This really is a great time to be part of the evolution of Canberra. There is so much happening here and we’re looking forward to playing a part in that,” he said.
“The Constitution Avenue upgrade and the longer term plans for the future development of the city provide us with a solid foundation from which we can start to make a real impact on the City South area.”
Aquis has taken on operational control of the casino property which continues to operate under the existing management team. It will review the current operation and some changes may be made in the lead up to the redevelopment, which it hopes to complete around the end of 2016.