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THE MACAU METRO MONITOR, AUGUST 2, 2013

CHINESE TYCOON PLANS $3.8 BLN CASINO RESORT IN AUSTRALIA Reuters

Chinese tycoon Tony Fung has proposed to build a A$4.2 billion ($3.75 billion) casino and resort project in Australia's Cairns city, close to the world-heritage Great Barrier Reef.  The Queensland state government said on Friday that Fung's casino proposal was declared a "coordinated project" on Aug. 1, the first step in the government's approval process.

 

Fung, a billionaire son of one of the founders of Hong Kong conglomerate Sun Hung Kai & Co. Ltd, is planning to build an integrated resort 13 kilometres north of Cairns that will include an "international class" casino with 750 tables and 1,500 machines, one of the world's largest aquariums and a 25,000-seat sports stadium.  Fung's planned Aquis resort "gives Queensland an opportunity to fend off its southern and regional competitors for the increasingly important Chinese tourism market," Fung said in an open letter published on the project website.

The Aquis Resort at the Great Barrier Reef project has a targeted opening of 2018 and could create 26,700 jobs when fully operational, according to information on Aquis' website.  The resort is also set to include 13,500 square metres of high-end retail and two 2,500-seat theatres.