Could ASF step in?
A planned $8 billion casino resort in Queensland, Australia will move ahead without the casino component, says developer Tony Fung. According to the Sydney Morning Herald, Fung’s planned Aquis resort was approved for a regional casino in Cairns at Yorkeys Knob in 2015, but delays in officially securing a gaming license led to the change in plans. That presumably leaves the state open to new proposals from other casino operators.
“The government has accepted that the Aquis Group no longer requires to remain in the integrated resort development process to see this development progress,” said Queensland Treasurer Curtis Pitt. “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 license.” He added that Fung will get “no preferential consideration for a casino license in the future if a later application is made.”
An Aquis spokesman said the firm’s priority is “advancing the real estate approvals for the project and we hope to have these done by the end of the year.” He said Fung may “address the casino approvals at a later date.” That could open the door for Chinese-backed, Australian-listed ASF Group, which hopes to win a casino license in the vicinity. Other major Australian operators—Star Entertainment and Crown Resorts—are not likely to bid on a license, as each has major commitments in Brisbane and Sydney.
Fung is rumored to prefer a casino on the Gold Coast rather than in Cairns, the Herald reported. He has partnered with Chinese developer Tandellen and Chinese government-owned CCCC International Holding to acquire a development parcel at Surfers Paradise for $40 million.
Aquis also owns Casino Canberra casino, which is planning a $330 million redevelopment that could include the introduction of 500 pokies.
