Tony Fung Pulls Plug on His Aquis Great Barrier Reef Casino Plans
Tony Fung, the Hong Kong Millionaire has confirmed that his company is dropping its plans that were set to develop a huge casino in Cairns. This casino was the Aquis Great Barrier Reef Casino. The team at the company has been working on this huge project for more than 6 years, and it was expected from them to invest more than 8 billion dollars. This plan was going to witness the foundation of one of the biggest casino resorts on Australian soil. It was going to be built in various phases. The first phase of the project was going to include four-thousand luxury rooms that were overlooking beautiful lagoons.
Tony Fung has made the decision to pull the plug with the continuous decline of the international casino market, through the last 26 months. This new casino was aiming to target the high rollers from the Asian market, especially from China. These plans were soon scrapped following the crackdown on corruption in Macau, as well as the obvious slowdown in the economy of China that affected the gross gaming revenues in Macau.
The 1st phase of the casino was going to open in 2017, and was going to contribute greatly, in terms of gambling taxes to Cairns. It would have also boasted the tourism sector as well as provide the residents of Cairns with many employment opportunities.
Tony Fung has made it clear that despite not planning to open the integrated casino resort in Cairns, he strongly believes that Cairns is one of the beautiful tourist areas in the world. He also added that he is interested in investing 2 billion dollars in the Yorkeys Knob area so he can develop a luxury hotel, an apartment and a villa complex.
Cairns Mayor, Bob Manning has stated that the city is highly dependant on the tourism sector, and that it would welcome the plans for the 2 billion hotel that Tony Fung talked about. He also promised his full support and that the council would do what they can in order to speed things up to get things moving quickly, and in the right direction.
Since Acquis Entertainment is cancelled, this means that it no longer has a casino license. This means that other developers will have the ability to apply for a license. Curtis Pitt, the Treasurer of Queensland stated that there is nothing that would prevent a casino being operated at the newly suggested development at the Yorkeys Knob. On the other hand, he added that it would depend on the availability of a regional IRD license.