- »Aquis Entertainment Share Price Skyrockets
Aquis Entertainment Share Price Skyrockets
The share price of one of Australia’s leading casino operators, Aquis Entertainment, has exploded, going up 48.89 per cent in one day.
Motley Fool reports that Aquis Entertainment shares closed 23 cents higher on Monday, but opened at 24 cents on Tuesday, before rocketing as high as 49 cents just after open.
The move caps off what has been a wild ride for Aquis over 2021.
Aquis is a company that until 2021, had been drifting in relative obscurity for years.
Between mid-2015 and the end of 2020, the company had slowly lost around 80 per cent of its value.
In 2020, Aquis even touched the depressingly low share price of less than half a cent.
2021 has seen a dramatic reversal in the fortune of the company.
After starting the year at four cents a share, it rocketed almost 2000 per cent between February 16 and 25, when it reached a new all-time high of 82 cents a share.
The difference between this company’s 52-week low and 52-week high is an astonishing 27,233 per cent.
The share price has subsequently slid from those highs, but remains well above where it was two months ago.
Aquis is a gaming company whose flagship asset is Casino Canberra, the only licenced casino in the Australian Capital Territory.
Beyond this, the company also states that it is “actively looking to grow its Australian operations”.
Casino Canberra offers everything you would expect from a casino, including entertainment, bars and restaurants, accommodation and gambling facilities.
Aquis also has a $307 million redevelopment proposal for Casino Canberra in its pipeline.
This would expand the casino with luxury six-star villas, international standard VIP offerings, more bars and nightclubs and even a luxury shopping mall.
Experts have found it hard to pin down one of the strangest movements that has occurred on the ASX this year.
Aquis paused trading on February 18 after an ASX query into the massive price movements that occurred in the days prior.
In response, Aquis said: “The company is not aware of any information concerning it that has not been announced to market and which could be an explanation for the recent trading in the company’s securities.”
Even more mystifying is that these moves keep happening, with no obvious catalyst.
The last major announcement from the company was in late February.
At the current Aquis share price, the company has a rough market capitalisation of $62 million.
Casino Canberra rebounds and exits from government wage scheme
The Australian government’s JobKeeper wage subsidy payments are no longer available to Canberra’s Aquis Entertainment, following its strong fourth quarter of 2020.
Asgam reported in January that the owner and operator of Casino Canberra said in a recent filing that it had been eligible for phase two of the scheme, which ran from September 28 to January 3, which was aimed to help businesses impacted by the coronavirus pandemic.
However, “Casino Canberra’s trading performance over the December quarter was strong and returned to approximately pre-COVID levels,” it said.
As a result, Aquis is not eligible for the third phase of the program.
Aquis said all employees were recalled to full capacity in the fourth quarter, despite the property still operating under some restrictions.
As per local COVID guidelines, Casino Canberra is currently capped at one person per four-quarter metres of usable space, giving it a capacity of 505 patrons.
“The business continues to operate according to its COVID Safety Plan, as required by the ACT Government, which is reviewed daily and updated based on the latest advice issued by the ACT Government,” it said.
Casinos in Australian states and territories have all reopened to varying extents, based on local coronavirus restrictions and government guidance.