Developers Look to Build Casino Complexes in Australia

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Although Australia is taking steps to repair its stagnant casino industry, the country’s government officials and casino regulators are concerned about Tony Fung’s latest casino plan. Fung, a Hong Kong-born casino magnate that lives in Canada, received a license in May of 2014 to construct a massive gambling complex near Cairns, Australia.

Casino ComplexFung’s company, Aquis Reef Holdings, purchased the Reef Casino Trust for $204.7 million dollars this past February. Fung then received a license to build a multi-billion dollar gambling center just outside of Cairns. However, Mr. Fung and his company have not received official government approval for the project, which is believed to include over 7,000 rooms, several 5-star restaurants, a professionally-designed golf course, and a number of entertainment opportunities.

Mr Fung’s Cairns-based casino will have over 1,500 gambling games and 750 gaming tables. Reef Casino, the casino that Fung and his team will renovate as part of their project, only has 500 gaming machines and 38 tables.

Lack of Competition for Mr. Fung

A government-funded consumer commission is concerned that there is not enough competition for Tony Fung’s Aquis gambling center in the Cairns area. The commission’s spokesperson believes that this lack of competition might negatively affect residents and tourists.

The commission argues that Fung’s complex will lead to higher prices for local residents interested in gambling. This gambling watchdog group, The Australian Competition and Consumer Commission believes that more casinos in Cairns would require Fung’s group to provide top-of-the-line services at affordable prices.

Australian Tourism and Gambling

The Australian government is collaborating with several casinos throughout Australia to promote gambling to Asian vacationers and businessmen. The government believes that pairing Australia’s natural wonders with gambling could be an effective way to boost the country’s struggling tourism division.

Echo Entertainment’s New Casino Complex

James Packer, an Australian businessman, recently made a bid to construct a casino complex in New South Wales. Much like Fong’s complex in Cairns, Packer believes that his casino project could produce huge benefits for both Asian tourists and residents of New South Wales. Packer says that his complex could create up to 1,200 jobs, boost tax revenue, and foster further economic growth in the community.

acker argues that his complex could act as an alternative to similar all-inclusive casinos in Vietnam, Hong Kong, and Singapore.