Boutique casino project in Queensland stalls
Hong Kong billionaire Tony Fung Wing Cheung denies speculation he is no longer interested in building an $8.15 billion integrated resort and casino north of Cairns in Queensland, Australia.
A change in government in February sparked rumors that Fung’s Aquis project would be scrapped so the businessman could focus on his newly acquired Canberra Casino. In addition, last year Fung said he was putting the Aquis plan under “review” due to its “increasing complexity and difficulty.”
But last month a spokesman said Fung is committed to the project and looks forward to working with the Labor government led by new Premier Annastacia Palaszczuk. “We think there is a tremendous opportunity to help deliver on the government’s key priority of job creation,” the spokesman said.
At the same time, a revitalization project planned for Great Keppel Island in Queensland is going nowhere fast because developers cannot get a gaming license. According to the Queensland Morning Bulletin, Tower Holdings has support from community leaders but can get no response from the new government about its proposed project, which would include a boutique casino.
“We understand people are frustrated that work has not commenced, but I want to assure you that we have been working tirelessly on getting this project started as quickly as possible,” CEO Terry Agnew said. “The main issue is that it’s very difficult to get funding from Australian banks for a major tourism project in Central Queensland meaning we have to go internationally. We are continually told a boutique gaming license would secure funding, give investors confidence and trigger the start of the project.”
Agnew said the new government doesn’t think a major integrated resort will work in Central Queensland. “We appreciate the potential social issues associated with gaming, but the GKI proposal is for a boutique gaming license for 35 tables, which are targeted to resort guests and international high rollers… It is hardly a Las Vegas type of project,” he told the Bulletin.
“We are not asking for government funding,” Agnew emphasized. “Without spending a single dollar, the government can give CQ a much-needed boost by approving a simple boutique gaming license. We welcome the opportunity to work with the government, as has been afforded to Cairns.”
Before the election, Labor Party MP Curtis Pitt indicated that the new government would be rule out an integrated resort on Great Keppel Island. “Labor is clearly in support of properly approved projects that create jobs,” Pitt said in February.
