Tony Fung returns as chairman of Aquis Entertainment
Tony Fung will return to replace Russell Shields.
Australia.- Aquis Entertainment has confirmed the departure of chairman Russell Shields from its board, with Hong Kong businessman Tony Fung set to take over. The change in leadership is effective immediately.
Shields assumed the position of chairman in November 2021, having previously served as the senior non-executive director of the company since July 2015. Prior to that, Fung was chairman and non-executive director, stepping down in August 2021 due to conflict of interest. Fung had initially purchased Casino Canberra, along with its gaming licence, from Casinos Austria International in 2014.
The decision to replace Shields comes in the wake of major shareholder Aquis Canberra Holdings’ intention to pursue a compulsory acquisition of the remaining shares in the company. Shields commended staff at Aquis Entertainment and Casino Canberra, while acknowledging Fung’s pivotal role in the transition.
He noted that the acquisition of Casino Canberra by the new owners as a significant gain, highlighting the asset’s strength and the management team’s professionalism. Aquis received AU$60.5m (US$40.51m) for the sale of Casino Canberra to Iris CC Holdings, with a further AU$2.5m (US$1.67m) in cash being held in escrow for a period of nine months.
The company had previously said it was looking for other business endeavours but now plans to cease operations unless it finds “opportunities it considers may be worth pursuing”.
See also: Aquis Entertainment to wind down following Casino Canberra sale