Hong Kong billionaire Tony Fung cancels plans to build $8 bln Great Barrier Reef casino resort

Hong Kong billionaire Tony Fung recently confirmed that his company has decided to abandon plans to develop an Aquis Great Barrier Reef casino resort in Cairns. Feng and his team have worked on the project over the past six years and are expected to invest $8 billion to build one of Australia's largest integrated casino resorts. The project was to be developed in different stages and the first phase involved the construction of 4,000 luxury hotel rooms overlooking several lagoons.

Feng said he decided to pull out of the project because the global casino market has continued to decline over the past 26 months. Aquis Great Barrier Reef Casino Resort tried to target Asian markets with a special focus on Chinese gamblers, but Macau's total gaming revenue fell for 26 months due to an anti-corruption crackdown in Macau and a slowdown in the Chinese economy.

The first phase of the casino resort was expected to open in 2017 and was expected to deliver significant benefits to Cairns in the form of revitalizing the gambling tax, employment opportunities and tourism sector. Fung said he no longer wants to open a casino resort in Cairns but still believes it is one of the most beautiful tourist attractions on Earth and wants to invest $2 billion in Yorkeys Job to develop luxury hotels, villa complexes and apartments.

Cairns mayor Bob Manning said his city is dependent on tourism and will be open to attracting the $2 billion luxury hotel Feng has in mind. Manning promised his support for the project and promised that Parliament would do its best to speed up the process in order to make sure things were going in the right direction.

Acquire Entertainment has now revoked its casino license, meaning other developers will have the opportunity to apply for a casino license if they are interested in the project.

Queensland Treasurer Curtis Pitt said in a statement: "Nothing in the development of the Yorkie knob prevents future considerations of casino operations. However, this will depend on the availability of local IRD licenses. However, it should be emphasized that if applications are made later, there will be no priority consideration for future casino licenses."

Crown Resorts and Star Entertainment Group, two of Australia's biggest casino operators, are likely to let this opportunity slip by as the pipeline is currently teeming with a variety of projects. One operator who could be interested in the Cairns project could be ASF Group looking to obtain a casino license for a proposed $2 billion casino resort on Gold Coast Broadwater.

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