The Hong Kong billionaire could be preparing a second plan to develop a new project in Queensland.
Australia.- After dismissing its first casino proposal in Queensland, Tony Fung’s company may also be evaluating a second plan in Australia. The Hong Kong businessman could be considering the development of a new plan in a 11,600 square meter plot of land that was acquired by his company last year for US$40 million.
ASF Consortium also showed interested in the land, although the Queensland government rejected its US$3 billion plan last week. According to the local press, the Asian billionaire is allegedly bidding for the development of the territory after cancelling the expected Aquis Great Barrier Reef casino resort in Cairns.
Fung and his team were expected to invest US$8 billion to build one of the biggest integrated casino resorts in Australia. The projected facility was supposed to be developed in different phases and the first phase included building 4,000 luxury hotel rooms overlooking a number of lagoons.
According to Fung, the decision to drop the project came as a result of the global casino market decline over the past 26 months. The Aquis Great Barrier Reef casino resort would have targeted the Asian market with a special focus on gamblers from China. However, the anti-corruption crackdown in Macau and a slowdown in the Chinese economy caused a 26 month decline in Macau’s gross gaming revenues.