Australian Casino Resort Planned by Chinese Tycoon

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Tony Fung, a Chinese tycoon, is planning an Australian casino resort in Cairns city that will be worth $4.2 billion in Australian dollars. The casino’s proposed location, near the Great Barrier Reef, would make it a significant competitor in the growing Australian market for tourism and gambling. The casino plans have been designated as a “coordinated project” by the state government of Queensland as of August 1 as approval of the project moves forward. The government has said that the casino has been made a coordinated project due to its magnitude and intricacy, which drive the need for a statement regarding impact on the environment.

Casino ResortBig Plans by Billionaire Fung

Fung’s father is among the billionaire founders of Sun Hung Kai & Co. Ltd, a conglomerate based in Hong Kong. The planned Cairns resort, which would be targeted towards affluent Chinese tourists, would house one the biggest aquariums in the world, a world-class casino and a sports stadium with space for 25,000 spectators. It would also have 1,500 machines and 750 tables, making it a big larger than the Crown casino in Melbourne, which is the creation of James Packer, an Australian billionaire.

Australian Casinos Luring Asian Gamblers

Throughout Australia, casino resorts are being built to compete with ones in other locations, such as the Philippines and Macau, that have historically drawn Asian gamblers. For example, a $1.1 billion Sydney casino resort being built by James Packer was approved conditionally a month ago. Chinese businessman Bruce Zhong is planning to open a theme park costing $500 million which will contain a life-size copy of the Forbidden City and a nine-story-high temple that will hold a massive Buddha statue.

Features of Aquis Resort

The Aquis resort planned by Fung will enable Queensland to better compete for Chinese tourists. Set to open in 2018, the resort is expected to develop about 26,700 jobs once up and running. In addition to its casino, Aquis will offer two theatres with 2,500 seats each and 13,500 square metres of space for high-end retailers. Fung, an investor and private investment banker based in Hong Kong, has homes in Queensland and several private businesses, including a sugar cane plantation, a Wagyu beef breeding business and a cattle farm.

According to Fung’s website, his company purchased the 750-acre site for Aquis in September 2012. Presently, the Reef Hotel is the only casino in Cairns. Owned by the Reef Casino Trust, the casino’s exclusive license passed its expiration years ago. The company has no comments on the Aquis project at this time, citing lack of details.