Tony Fung’s Aquis Entertainment is giving its newly-purchased Canberra Casino a $330m revamp to lure additional 700,000 visitors annually.

The two-stage revamp proposal includes VIP and mass gaming facilities, six-star villa accommodation, a five-star hotel, retail food and beverage and a shopping mall. A 3,300 sqm extension to the National Convention Center is also part of the plan.

Aquis Entertainment Executive Director Justin Fung said the current Canberra Casino, which Aquis bought in 2014 for $6m, is a small, local gaming facility lacking a “wow factor”.

Research conducted by Deloitte Access Economics noted economic gains from the casino redevelopment such as creation about 200 full-time construction jobs; 420 new jobs ongoing; and Gross Territory Product of up to $61m per annum.