Home > News Category > Business
Related topics: Business,Australasia, Australia, Hotel, Queensland
November 25, 2014

Billionaire Plans to Build World's Largest Resort in Cairns; Project Hits Snags




A Hong Kong billionaire has had to delay plans to buy a casino in Cairns, Australia, and build a multibillion-dollar resort nearby amid regulatory delays, according to The Age. Tony Fung's Aquis Casino Acquisitions has offered about $217 million to take over Reef Casino Trust, which owns the Reef Hotel Casino complex in Cairns.

He also wants to build a luxury casino and resort at Yorkey's Knob, north of Cairns. Aquis reportedly had plans to spend $8.15 billion building a casino resort with 7,500 hotel rooms, an 18-hole golf course and water park on a former sugarcane farm.

But Aquis on Monday said Queensland's Office of Liquor and Gaming Regulation was unable to meet a November 28 deadline for a decision on whether to grant regulatory approval for the proposed takeover.

The offer expires on November 28, and Aquis says it will not extend it. Therefore, the offer is likely to lapse.

Aquis said it was still committed to being a major investor in Cairns and far north Queensland, and was continuing its work in progressing the resort development at Yorkeys Knob.

However, the purchase of the Reef Hotel Casino was an important part of its development plan for the resort.

 


What do you think of this $type?
 


PUBLISHING PARTNERS

 

GLOBAL ASSOCIATION PARTNERS

GLOBAL EVENT PARTNERS

   IT&CM China  Caribbean Meeting Incentive Travel Exchange      Gulf Incentive, Business Travel & Meetings Exhibition EIBTM IBTM IMEX America  IT&CMA IT&CM China IT&CM India Conventa BTC convene  cventMBTMMA 2013 COCAL 

GLOBAL AGENCY PARTNERS                                                                                           OFFICIAL TRADE SHOW PARTNER FOR THE UK MEETINGS MARKET 

MCI Ovation Euromic