Aquis Entertainment chairman Russell Shields has stepped down from the board, and Hong Kong businessman Tony Fung, the principal shareholder, who previously retired as the Chairman and Non-Executive Director of the company, will replace Shields.

The former operator of Casino Canberra, in Australia, Aquis Entertainment, has decided to close up shop after selling the casino property in January. The group notes that it plans to distribute the proceeds of the sale to shareholders and, if approved, delist from the Australian Stock Exchange and wind-up the company.

Aquis Entertainment has reported a 4,009 percent increase in profit for 2022, following the sale of its Casino Canberra property.

Aquis Entertainment has officially exited the casino sphere, after the sale of its only casino property, Casino Canberra, was completed.

Australia’s Aquis Entertainment has announced that it has received casino regulatory approval for the sale of its Casino Canberra property.

Casino Canberra operator, Aquis Entertainment, is expecting to complete the sale of the property within the fourth quarter of this year.

Strong revenues for the fiscal ended on June 30 aided the bottom line of Australian company Aquis Entertainment Ltd, which reported a net profit up eight folds on a year-on-year basis at A$3.16 million ($2.16 million) from A$0.3 million ($0.2 million).

Aquis reported that it has accepted Iris CC Holdings proposal to acquire 100% of the shares in the Company’s wholly owned subsidiary, Aquis Canberra for A$63 million.

Aquis Entertainment said the third-party seeking to trump a bid by Capital Leisure for its Canberra casino is Iris CC Holdings, which has now offered $60 million.

Aquis Entertainment said it had requested a suspension from trading on the Australian Stock Exchange after a second bidder emerged for its Canberra casino.