New Gold Coast Casino to be Owned by the Chinese Government
Reports emerged last month that the Gold Coast Casino project is going to be partially owned by the government of China. The multimillion project will have a three billion integrated land based casino on the Australian Gold Coast. It was confirmed by the ASF Consortium that the project could be partially owned by the government of China. According to Louis Chien, the director of the ASF group, it is possible that the Chinese government would partially own the new Gold Coast Casino. The government of Queensland is offering a main block of Crown Land in order to develop the Gold Coast Integrated Resort. Currently, the project is in the community consulate stage. This stage aims to determine whether the 5-tower complex, which is going to have hotels, apartments, theaters and entertainment venues should proceed to the next phase or not.
The ASF already had a concept plan, but this concept plan did not mention who the operator of the casino is going to be, or even how many gaming machines will be offered at the casino. In addition, all financial backing information was not present in the outline.
Voices against the N Gold Coast Concept Plan
Clubs Queensland’s Doug Flockhart and other local opponents have spoken out against the review process. This is because they believe that the concept plan does not have any real rigor to it, as it provides minor details. According to reports, Judy Spence, the ex-minister from the Beattie Labor state government stated that the ASF consortium only has six million dollars in assets.
On the other hand, Louis Chien from the ASF Group stated that the ASFs is an investment incubator, which does not have a big balance sheet, simply because it does not need it. He added that the ASF group calls on funding from outside the group, whenever needed.
The ASF Responds to the Reports about the Chinese Government
Louis Chien also stated that there are no rules that would prevent the Chinese Government to participate in such project. He added that this issue is something that they will have to work on with the government so they can work through it. He added that the Chinese government has never invested in an Aussie casino, but it has investments in the Bahamas and in Macau.
Speaking of The Bahamas investment, it is the Baha Mar Casino. It was expected to open in April 21st, but there were construction delays that brought it to a pause. This was a result of cost overruns, for which the CCA was blamed and the CCA blamed the developers in return.
Defending the consultation process is Anthony Lynham, the Development minister of Queensland. This defense comes despite the fact that critics are stating that there aren’t any details on the casino and its operations.