Tony Fung passes on Cairns Casino
The billionaire decided not to include a gambling facility in Aquis resort in Cairns.
Australia.- Tony Fung, owner of Aquis resort in Cairns opted for passing on the incorporation of a casino in his facility. Rumour has it that Fung has his eyes fixed on a casino located on the Gold Coast rather than in Cairns. The Hong Kong billionaire still plans to build a hotel and entertainment resort, however, the Queensland government confirmed that Aquis had cancelled its casino project. Now Queensland government is open to hear rival firms’ proposals and decide which one will be granted a casino license.
“The government has accepted that the Aquis Group no longer requires to remain in the integrated resort development process to see this development progress. I understand that changing market conditions will see a change in the design concept,” said Curtis Pitt, Queensland Treasurer. “There’s nothing preventing the future consideration of a casino operation at the Yorkeys Knob development. That would, however, be subject to the availability of the regional IRD licence. But I have to stress that there will be no preferential consideration for a casino licence in the future if a later application is made.”
Aquis said that although it was not ruling out a future casino development in Cairns, the company is now focused on the hotel aspect of the business. “Our priority is advancing the real estate approvals for the project and we hope to have these done by the end of the year,” expressed an Aquis spokesman. “We will address the casino approvals at a later date.”
There’s nothing preventing the future consideration of a casino operation at the Yorkeys Knob development. That would, however, be subject to the availability of the regional IRD licence.
ASF Group, the Chinese-backed, Australian-listed company, which is looking to gain its own regional casino license, may have become the front runner after Aquis’ decision. ASF will compete for the license with The Star Entertainment Group’s Jupiters Casino on the Gold Coast and the Queen’s Wharf casino resort in Brisbane.
