Billionaire Tony Fung has spent months perfecting his plans to open a luxurious new casino resort in Cairns. The Aquis Casino and Hotel would bring in generous gaming revenue and boost tourism in the state, but the project has now been put on hold. One of the major factors in getting the Aquis Casino project off the ground is the purchase of the Reef Casino.
Fung wanted to secure the property in order to obtain its license, which would act as a backup in case Aquis is unable to secure a license on its own. Unfortunately, representatives from Aquis have stated that the developer is unable to meet the regulatory approval deadline that has been set for November 28th.
“The Queensland Office of Liquor and Gaming Regulation has advised that in their view it is not logistically possible for the approvals to be granted by November 28,” Aquis said in a statement “Aquis has not been advised of a date at which they can be granted.” Justin Fung, Tony’s son and Chief Executive of Aquis, has stated that the regulatory approval has been slow due to the red tape enforced by the Queensland government.
However, the state’s Office of Liquor and Gaming Regulation has pointed the finger back at Aquis, stating that it is currently waiting for important documents from the casino developer. Tony and Justin Fun remain committed to the Aquis Casino project, and they are positive that the venue will have a positive impact on the state.
The property will create 3700 construction jobs and over 10 000 ongoing jobs, helping to improve employment rates and boost the local economy. It will also attract plenty of tourism and improve gaming revenue, which will be put back into valuable community projects.
This situation is certainly one to keep an eye on. We will keep you updated with further details.