Chinese billionaire Tony Fung’s plan to build a casino in north Queensland took a major step forward after the Foreign Investment Review Board approved his application to buy a 340-hectare plot of land at a development site near Cairns.
That’s one step for closer to fruition for Fung’s planned $4.2-billion Aquis Great Barrier Reef mega resort and casino. Once the joint is fully set up, the resort is expected to include as many as nine luxury hotels, a 25,000-seat stadium, a cultural heritage center and even an 18-hole golf course.
Fung’s Aquis Casino Acquisitions Pty Ltd is expected to take full ownership of the land, something that was made possible after the company signed a $269 million takeover bid agreement with the Reef Casino Trust, which counts the Reef Hotel Casino in Cairns among its assets. With the Reef Hotel Casino set to transfer ownership soon, Aquis is hoping that regulators also grant a license extension for the casino to also include Aquis Great Barrier Reef.
All of these developments in Queensland are unfolding on schedule as the company continues its plan to turn Queensland into a prime tourist destination Down Under. The approval to buy the massive land is the clearest indication that Fung’s Aquis is more than willing to bring the boom back to an Australian territory looking to boost its tourism and gambling industries.
Potential stumbling blocks could still pop up to delay the project, but for the moment, Fung’s grandiose vision for Queensland is shaping up according to plan. And the fact that a lot of folks are still sleeping on the project makes its completion that much more satisfying for a man who isn’t afraid to make a $4-billion investment in a place that needs to jumpstart its economic numbers.
And besides, having the Great Barrier Reef within spitting distance of your resort isn’t a bad way to promote your new digs, right?