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Fung Quits Aquis

Fung Quits Aquis

Justin Fung has left the casino business to attend to the ponies. The son of Hong Kong billionaire and casino magnate Tony Fung has resigned his directorial post at Australia-listed Aquis Entertainment to focus on the family’s horse breeding business in Queensland and New South Wales.

The Australian Capital Territory just gave Aquis more time to submit a revised proposal for its planned multimillion-dollar expansion of Casino Canberra. ACT granted the company an “undefined extension” to the original May 14 deadline.

Aquis announced in 2015 plans to spend AU$330 million on a major redevelopment of the Casino Canberra precinct, including building two new luxury hotels as well as world-class dining and shopping outlets. That bid, which centered around permission to operate 500 slot machines on premises, was rejected, with the government instead offering 200 slot machines and 60 electronic table games in mid-2016, subject to certain strict conditions. Casino Canberra is not allowed to operate any slot machines under current law.

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