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.
Featured News
Biden Administration Unveils Measures to Tackle Healthcare Costs Through Competition
Dec 7, 2023 by
CPI
Australia’s to Probe Coles and Woolworths for Alleged Price Gouging
Dec 7, 2023 by
CPI
D.C. Attorney General Pushes to Revive Suit Accusing Amazon of Price-Fixing
Dec 7, 2023 by
CPI
Google Withdraws Appeal, Opening the Door for Indian Startups Against User Choice Billing System
Dec 7, 2023 by
CPI
U.S. Congress Delays Legislation on TikTok Amid National Security Concerns
Dec 7, 2023 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Horizontal Competition: Mergers, Innovation & New Guidelines
Nov 30, 2023 by
CPI
Innovation in Merger Control
Nov 30, 2023 by
CPI
Making Sense of EU Merger Control: The Need for Limiting Principles
Nov 30, 2023 by
CPI
Sustainability Agreements in the EU: New Paths to Competition Law Compliance
Nov 30, 2023 by
CPI
Merger Control and Sustainability: A New Dawn or Nothing New Under the Sun?
Nov 30, 2023 by
CPI