Discovery Resources is acquiring Canberra Casino in a move to enter the entertainment industry from its current position in the natural resources sector. The acquisition will lead Discovery Resources to change its name to Aquis Entertainment Ltd. It is going to buy Aquis Canberra Pty Ltd, which is the casino holding company. The news was released Friday April 17, 2015 regarding the buyout.
The casino is currently owned by Aquis Group, which also holds shares in Discovery Resources. Currently Aquis Group holds 80% of the shares of Discovery Resources. Besides the acquisition about AUD $2 million will be raised by selling shares at AUD $.20.
Billionaire Tony Fung’s company bought the iconic property in 2014 and plans to demolish the 1994 structure to build something entirely new.