Hong Kong billionaire Tony Fung is planning to list Canberra Casino on the Australian Securities Exchange through a mining company called Discovery Resources.
The selling of shares is part of an effort to transform the property into a Las Vegas-style casino. The IPO is expected to raise $2m through the placement of 10 million new shares at 20 cents each.
Fung purchased the casino last December for $6m. Discovery Resources will be renamed Aquis Entertainment. Separately, Fung is planning to develop the $8.2bn Aquis Great Barrier Reef Resort north of Cairns starting next year.
