Hong Kong billionaire Tony Fung has decided to retire as chairman and non-executive director of Canberra-based Aquis Entertainment- over what he believes will help the board stand independent from its major shareholder.
Fungs hold 90 percent of Aquis, the company that owns Casino Canberra, the Australian capital. The retirement of Mr. Fung comes at a time gaming industry in Australia is experiencing competing interests such as profits versus responsible gambling management and money laundering issues.
Fung might have been following the recent regulatory development regarding Crown Resorts. A recent inquiry into Crown operations in New South Wales James Packer, the largest shareholder of Crown Resort, retained power over the board despite quitting his executive position.
Fung purchases Casino Canberra in 2014, since the property is underperforming, Aquis wants to develop the surrounding area into an entertainment district for A$307 million.
Earlier in 2013, Fung proposed to build a controversial A$8 billion megaresort in Cairns, Queensland. In 2015, Aquis was awarded developer status for a regional casino project. However, the project failed to proceed under unclear circumstances.