Feng Yongxiang, a wealthy Hong Kong businessman, transferred his stake in Canberra casino to Blue whale Entertainment.
Hong Kong-based rich company Feng Yongxiang, which controls Canberra casino`s Aquis Entertainment, reported results ahead of a vote on whether to sell a majority stake, saying it had substantially reduced annual losses and improved prospects under the new parent company.
Aquis`s annual earnings report showed its losses narrowed to 3.3 million yuan last year, down from 13.8 million yuan a year earlier.
The company says it has a clear strategy to develop and manage "underserved" resorts and hotels in Australia.
Aquis, controlled by Feng Yongxiang, is seeking shareholders` approval to sell a majority stake in Aquis to Gu Menghong, chief executive of Fuyuan Group (iPG), a private company owned by the private company, Blue whale Entertainment (Blue Whale Entertainment), an Asian private equity fund.
The board of directors of Aquis has recommended that shareholders support Feng Yongxiang`s proposal to sell a majority stake in Cankanra casino to Gu Menghong. Aquis shareholders will vote on the deal on March 21. If the deal succeeds, Gu will own nearly 90% of Aquis.
After Blue Whale controls Canberra casino`s parent company, Aquis will work with it to complete the more than $250 million expansion of the casino Hotel in Canberra and try to expand the gambler market.
Feng Yongxiang has entered the Australian market for more than 20 years, and has made frequent moves in recent years, including permission to build 440 million yuan in six-star hotels on the Gold Coast, as well as the acquisition of Keynesian casino and training base for the Queensland Platen Leuthing Racecourse. And will this ranch officially renamed "Yas Ranch".
