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.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Analysts have turned more upbeat about the prospects for Malaysia’s gambling operators, despite a recent upswing in new Covid-19 cases, saying the sector is good value as stocks are still down between 15 to 26 percent on the prior year.
Frederic Jean-Marie Winckler, executive vice president and chief creative and brand officer of Melco Resorts & Entertainment, talks with Michael Penn, executive editor of AGB Nippon, about the future of the luxury market in Macau and beyond. Among the topics addressed are the growing importance of digitization and the direction of luxury trends within the premium mass segment.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.