A PYMNTS Company

Australia: Casino sale has ACCC worried

 |  July 3, 2014

The Australian Competition and Consumer Commission has expressed concern over the proposed sale of the Reef Hotel Casino, releasing a statement this week suggesting the buyer of the resort would hold a monopoly in the region.

According to reports, the ACCC is concerned that Aquis Reef Holdings’ acquisition of the hotel in Cairns would give the company a monopoly, as Aquis already owns the Yorkeys Knob resort. Reports say the two hotels are the only casinos in the Cairns region.

Authorities are now seeking public comment on the matter for the next few weeks, while reports say a decision will be made on the sale by August 21.

Financial details of the buyout were not reported, but the Reef Hotel is said to be worth $8 billion.

Full content: The Guardian

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.