But Fung’s project inches forward
Lawmakers in Queensland, Australia agree with environmental groups that the development of a mammoth cruise-ship terminal at a planned Gold Coast casino posed too great a risk to the natural area. They have shut down the plan by Chinese-backed ASF Consortium to go forth with the $7 billion-plus project.
“The Gold Coast and Queensland need the 20,000 jobs this project will create,” the company said in response to the news. “ASF Consortium wants to work with the Queensland government to make this happens to ensure the Gold Coast remains the international tourism capital of Australia well into the future.”
Meanwhile, the Australian reports that another coastal project is moving forward. Hong Kong billionaire Tony Fung’s Aquis Great Barrier Reef Resort north of Cairns has won environmental approval from the federal government.
“The completion of the environmental approvals and planning assessment means that the only outstanding item to be completed is the casino agreement with the state government, which we hope to achieve in a timely manner,” said Aquis project director Pat Flanagan.
Aquis projects that its new resort?which will have 4,000 hotel rooms, an aquarium and other attractions as well as a casino?will create 10,000 new jobs and generate up to $10.2 billion when it is complete.
Fung has also bought the Sheraton Mirage on the Gold Coast for A$160 million (US$127 million), according to the Brisbane Courier Mail. “The Gold Coast is one of those rare destinations that enjoys instant recognition throughout Asia,’’ Fung said. “As the only five-star resort on the Gold Coast that enjoys a beachfront location, the Mirage property has a host of natural advantages in its current use or as a future development opportunity.”
