Billionaire Fung's Dreams To Build World's Biggest Resort on Hold

Hong Kong billionaire, Tony Fung, is determined the plans for the world’s biggest resort in Cairns will continue.

According to The Australian, there has been probity delays and red tape for a collapsed takeover bid of Reef Casino Trust as part of the $8.15 billion Aquis project.

Tony Fung is seeking Queensland Gaming Official’s complete probity and regulatory approval by Christmas.

Local civic and business leaders are urging the Newman Government to cut red tape and support tourism.

Queensland gaming officials have come under fire after it emerged Australian Capital Territory counterparts, in a joint investigation into Aquis, expect to complete their probity and regulatory approval process by Christmas.

Far north Queensland civic and business leaders yesterday urged the Newman Government to cut red tape and support tourism.

A participator in the Aquis project said the plans to build the world’s biggest six-star hotel and casino with 7,500 hotel rooms, 18 hole golf course, and lagoon complex on a former sugar cane farm, is now under strategic review.

“Aquis will still commit to the integrated resort development in far north Queensland – with plans to start construction in 2016,” said the participator.

The Queensland Government has offered three new casino licences to proponents to build mega-resorts in Brisbane, Cairns, and the Gold Coast to lure Asian travellers to the Sunshine State.

Reef Casino Trust shares decreased 30 per cent, when announced the $214 million Aquis offer was no longer happening.

Aquis representative said it may consider a new takeover bid in the new year, but there is no certainty any such transaction would eventuate.

Aquis plans to proceed to purchase the Casino Reef Casino Trust after ACT Gaming Officials indicated to complete their approval by Christmas.

Canberra’s Casino will provide Aquis with a vehicle that can be floated on the HKSE in 2016 and facilitate the raising of debt and equity capital to fund Aquis at Yorkeys Knob.

Queensland’s Gaming Commission said it has refused to be rushed by the logically impossible deadline by the Hong Kong developer.

“The strength and reputation of the casino regulatory environment in Queensland was at stake,” Queensland’s Gaming Official said.

ACT Gambling and Racing Commission chief Greg Jones said the approval process in the nation’s capital was less complex.

“We have not finalised probity checks but anticipate it will be completed by Christmas,” Mr Jones said.

Image source: The Cairns Post