Justin Fung resigns, Canberra project gets extension

Integrated resort operator Aquis Entertainment has announced the resignation of one of its key directors, Justin Fung.

Mr. Fung is the son of Aquis chairman Tony Fung, a Hong Kong billionaire.

According to a filing to the ASX, Justin has decided to exit the business in order to focus on the family’s horse racing and breeding business, Aquis Farm, in Queensland and New South Wales.

Aquis Entertainment is the developer of an integrated resort in Cairns, called the Aquis Great Barrier Reef Resort. The company is also the owner of Casino Canberra, which is set to undergo a massive overhaul.

Last week, the company announced it had been granted an “undefined extension” from the state government in respect to its Aquis Canberra development, which is set to undergo a $256.4 million revamp.

The company was originally given until May 14 to finalize its proposal.

“Aquis remains committed to pursuing the company’s vision of delivering a world class project that will contribute significant urban renewal and economic development benefits to Canberra and will continue to work with the government to progress their plans,” said the company.