Australia’s Foreign Investment Review Board has approved Hong Kong tycoon Tony Fung’s purchase of the Reef Hotel Casino in Cairns
The approval was the last hurdle Fung’s Aquis Casino Acquisitions needed to clear at the federal level, according to a statement by the company. Queensland’s Office of Liquor and Gaming Regulation still has to sign off on the purchase, and it’s expected that it will, given that Fung’s A$8 billion Aquis at the Great Barrier Reef has already won preliminary approval from the state government.
Aquis said its purchase of the Reef was an important stepping stone in its planned development of the Barrier Reef project, which will be on the coast about 15 kilometers north of Cairns.
“The Reef will provide a strong branding and operational platform ahead of the planned opening of Aquis in 2019,” the company said.
Aquis and Fung figure prominently in the Queensland government’s desire to remake the state as a leading regional destination for Chinese tourists and high rollers, and the approval granted the Barrier Reef project makes it one of three large-scale gaming resorts the government is seeking to spearhead the effort.
Plans for Aquis at the Great Barrier Reef include eight hotels at full build-out, 7,500 rooms, two theaters, convention space, luxury residences, retail shopping, a cultural center, an aquarium, a lake and a reef lagoon, a golf course and a sports stadium. The casino portion will feature 750 table games and 1,500 gaming machines.
