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Understanding Cryptocurrency Taxes
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Plan by Aquis to launch casino in Canberra nixed - CalvinAyre.com
Ever since June of last year, Hong Kong-based Aquis Entertainment had been prepared to redevelop Casino Canberra in Australia. It submitted a proposal that offered to invest $256 million for the upgrade, which was accepted by the Australian Capital Territory (ACT), but with a few modifications. Instead of the 500 slot machines Aquis wanted, ACT only authorized 200. From there, negotiations of the redevelopment stalled, with Aquis trying to decide how it could back out. It no longer has to, as the ACT government has dropped the bid completely.

According to Chief Minister Andrew Barr, the deal had to be axed due to concerns over gambling regulations and financing for the project. Aquis added, in a filing with the Australian Securities Exchange, that the move was due to “certain decisions taken by the ACT,” in reference to the reduction in the number of gaming machines that would be allowed.

Aquis added that the restrictions “meant it was difficult to progress Aquis’ original proposal. In addition, Aquis could not provide detailed information in relation to the financing of the proposal requested by the ACT Government without the ACT Government providing the certainty sought by Aquis in respect of various key aspects of its proposal including tax rates, license fees and the legislative framework.”

There still may be a glimmer of hope, albeit a pretty small one. Aquis added that it has been asked to work with the Economic Development Division (EDD) of the Chief Minister, Treasury and Economic Development in order to draft a new proposal.

Aquis still would like to see its dream realized if possible. It stated in its filing, “Aquis continues to believe that the development of an integrated entertainment precinct in Canberra’s CBD offers Canberra and the ACT a once in a lifetime tourism infrastructure opportunity. Therefore, Aquis will continue to engage with the ACT Government on development opportunities.”

If it isn’t able to come up with a solution with the help of the EDD, Aquis still has a few more tricks up its sleeve. It has said that it has received preliminary proposals that could see it sell the casino or give up a controlling stake. Aquis has been sitting on the venue since acquiring it in 2014.

The post Plan by Aquis to launch casino in Canberra nixed appeared first on CalvinAyre.com.

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17 minutes ago by leconeyc
CIO of Suncity joins board of Russian casino operator - CalvinAyre.com
Suncity Group Chief Investment Officer (CIO) Andrew Lo Kai Bong has taken a position on the board of Summit Ascent Holdings, an investor of the Tigre de Cristal casino resort in the Russian Far East. Lo joins the board as a non-executive director and won’t receive a salary and will continue to serve as the CIO for the privately-held Macau junket operator.

While not entitled to a salary with Summit, Lo will receive reimbursement for out-of-pocket expenses. Lo will also continue as an executive director for Suncity Group Holdings, which is controlled by Alvin Chau Cheok Wa, the founder of the Suncity brand. Suncity is involved in a range of casino projects in Macau, Cambodia and Vietnam.

The appointment to the Summit board was effective as of December 12 and will be valid for three years, terminating on December 11, 2021. His contract may be extended for three-year periods in accordance with the rules of the Hong Kong bourse.

Tigre de Cristal is being built near Vladivostok on Russia’s Pacific coast. It is billed as a casino that is within reach of a large number of North Asian gamblers and Lo’s involvement comes due to his expertise in “corporate management, mergers and acquisitions” and experience in the gaming industry.

This past September, Summit indicated in an interim financial report that its revenue derived from gaming operations had reached $24.4 million, an increase of 4.4% year-on-year. However, rolling chip volume for the VIP segment had dropped and rolling chip turnover was down 22.6% to $833.2 million.

Tigre de Cristal is the only casino currently operating in the Primorye Integrated Entertainment Zone (PIEZ). The area was established as a casino resort destination and is about 31 miles from Vladivostok. It is being promoted by the Primorsky Krai Development Corp, a company owned by the government and managed by the Primorsky Department of Tourism.

The resort announced this past October that it was planning on a major expansion. Through an investment of as much as $300 million, Tigre de Cristal will see more hotel rooms, a new gaming venue, restaurants and a conference space. Ahead of the expansion, it anticipates adding “eight villas, and approximately 20 to 22 serviced apartments [by next summer].”

The post CIO of Suncity joins board of Russian casino operator appeared first on CalvinAyre.com.

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17 minutes ago by leconeyc

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