• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Aquis casino in Queensland moving ahead: Treasurer

Sep 21, 2015 Newsdesk Latest News, Top of the deck, World  


Aquis casino in Queensland moving ahead: Treasurer

Plans for a new casino resort near the coastal city of Cairns in Queensland, Australia, are back on track, as the team behind Aquis Great Barrier Reef Resort (pictured in a rendering) has “signed a process deed to re-enter the integrated resort development (IRD) process,” said Queensland’s state treasurer Curtis Pitt.

Mr Pitt confirmed in a statement on Saturday that Hong Kong businessman Tony Fung Wing Cheung had in February withdrawn from the process, following stalled negotiations with the previous Liberal National Party state government.

But he added that the latest development was a vote of confidence in Queensland. “Following the election [in February 2015], the Palaszczuk government sought to engage in positive discussions with Mr Fung and we welcome his company’s commitment to re-entering the IRD process,” Mr Pitt said, referring to the current Labor Party administration in Queensland of premier Annastacia Palaszczuk.

“The IRD process is a rigorous way to protect the community’s interests and also evaluate Aquis’ credentials and financial capacity to deliver this project,” he added.

Mr Fung has previously said he plans to spend as much as AUD8 billion (US$5.7 billion) on the Cairns casino resort. In his latest statement he noted that Aquis remained “committed to the Aquis Yorkeys Knob project as part of our overall strategic investment plans for Australia”.

The casino resort project – designed to attract VIP and mass-market players from China and elsewhere in Asia – calls for 7,500 hotel rooms, gaming facilities, a golf course and a water park, on a site north of Cairns on the Queensland coast.

Mr Fung – a former chairman of Hong Kong-based financial services company Sun Hung Kai and Co Ltd – last month completed the reverse takeover of Discovery Resources Ltd. The exercise was in order to float his existing Australian casino asset, Casino Canberra, on the Australian Securities Exchange. Mr Fung’s company had said in previous statements the flotation aimed to raise money to fund other casino investments.

According to Saturday’s statement, the proposed Aquis development will have an initial AUD3.5-billion investment. It added that “once the resort is fully operational it could create up to 16,000 jobs”.

The Queensland government said it would “issue Aquis with a request for detailed proposal document in the near future”. The Aquis team will then have 20 business days to accept the request for detailed proposal document and execute an acceptance deed.

“The signing of the acceptance deed will commence probity processes, requiring Aquis to provide the information needed to allow the regulator to commence investigations as required under the Casino Control Act,” said Mr Pitt’s statement.

The state government added it hopes to receive the detailed development proposal from the Aquis team during 2016.

Queensland’s Department of State Development and the Office of Liquor and Gaming Regulation “will run concurrent, but separate assessment processes for development and for probity,” said the statement.


  • tweet
Related articles
  • Test lab BMM promotes service delivery VPs in Australia
    Test lab BMM promotes service delivery...

    Jun 20, 2022  

  • Donaco to restart gaming operations at Star Vegas
    Donaco to restart gaming operations at...

    Jun 17, 2022  

More news
  • Sega Sammy to launch Genesis Crest 43J cabinet in Asia
    Sega Sammy to launch Genesis Crest 43J...

    Jul 01, 2022  

  • Macau monthly GGR for June worst since Sept 2020
    Macau monthly GGR for June worst since...

    Jul 01, 2022  


Latest News

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Jul 01, 2022  

Casino equipment supplier Sega Sammy Creation Inc said in a Friday release it was debuting its Genesis Crest 43J cabinet in Asia. The product will be available at an in-person trade show, G2E Asia:...
Read More
Macau monthly GGR for June worst since Sept 2020

Macau monthly GGR for June worst since Sept 2020

Jul 01, 2022  

Kangwon 2021 average bet 61pct above foreigner casinos

Kangwon 2021 average bet 61pct above foreigner casinos

Jul 01, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


638

Aggregate number of Covid-19 cases in the latest Macau outbreak, as of Thursday-end



Most Popular

  • Macau tells casinos cut on-duty staff by 90pct: reportsMacau tells casinos cut on-duty staff by 90pct: reports July 1, 2022
  • 5-casino Thai market ok says National Assembly committee5-casino Thai market ok says National Assembly committee June 30, 2022
  • GKL says no biz lift soon from S.Korea-Japan travel easingGKL says no biz lift soon from S.Korea-Japan travel easing July 1, 2022
  • Macau monthly GGR for June worst since Sept 2020Macau monthly GGR for June worst since Sept 2020 July 1, 2022
  • Universal hopes Okada Manila biz listed before Sept 30Universal hopes Okada Manila biz listed before Sept 30 June 30, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us