ASF, Aquis in the running
The government of Queensland in Australia has come out in support of a multibillion-dollar casino complex on the Gold Coast, local media reports. According to the Gold Coast Bulletin, Mayor Tom Tate confirmed that State Development Minister Anthony Lynham has given the go-ahead for a casino in the state.
ASF Consortium, which was forced to shelve its $3 billion casino project at the Southport Spit in August, is still in “ongoing” talks with the government to develop the casino, the Asia Gaming Brief reports.
“When we get knocked down, we get back up,” said Tate of the rejected ASF project.
Other reports say an Aquis-owned site on Surfers Paradise Boulevard could be the most likely location for a resort. A source told the Bulletin Aquis is “keeping its cards close to the chest.”
“Aquis Australia, together with its partners, is considering a range of different options for the site. The site is a strategic holding that would suit a range of different uses,” the source said.
Meanwhile, the Australian reports that a casino complex continues under construction at Queen’s Wharf; it is expected to be complete in 2022. The Destination Brisbane Consortium behind the project includes Australian casino operator the Star Entertainment Group, the Far East Consortium, and Chow Tai Fook Enterprises. Star and its partners won the bid over its local rival Crown Resorts.
But a Greens Brisbane councilor criticized developers of the AU$3-billion Queen’s Wharf integrated resort for its “hostile architecture.” Councilor Jonathan Sri said furniture to be placed in the open spaces around the complex is “disgusting” and was specifically designed to keep the homeless from sleeping there overnight.
CDC Gaming Reports indicates that VIP gamblers are flocking to Australia, with junket groups registering considerable increases in VIP volumes at Crown Melbourne and the Star property. Morgan Stanley equity analyst Monique Rooney said the increase in volume is due to the release in the summer of Crown employees who were imprisoned in Mainland China for illegally promoting gambling services.
“Specifically, junket operators spoke to a material improvement across both Crown’s Melbourne and the Star’s Sydney properties in recent months versus the VIP volume lows seen in 2017,” Rooney said.
The brokerage says Australia’s VIP casino sector could grow 9.4 percent in 2018.
