HK tycoon Tony Fung confident of approval for Cairns mega-project
Billionaire Tony Fung says he is "confident of approval" for a permit to construct Australia’s largest ever integrated tourism project in Cairns.
The $8 billion project is slated to directly generate 10,000 new jobs and $900 million in revenue yearly for the Queensland government.
Fung is awaiting final approval for a Queensland casino license for the Aquis Great Barrier Reef Resort in Cairns.
First phase construction will include 4,000 luxury hotel rooms built over lagoons with a theatre, aquarium, restaurants and casino.
Acquis said the "world-class integrated casino resort" is being targeted at the "family-friendly" luxury market and VIP Chinese tourists.
Fung said it was "98% odds-on" it would be built before the end of the decade.
The project has support from Tourism Queensland and it is claimed 80% of the local population are in favour of the project.
Fung is also close to gaining control of the nearby Cairns Reef Casino in a deal worth over $270 million which is likely to be finalised in November.
Aquis last week received final approval from the Foreign Investment Review Board to acquire the property.
Fung says he will partially list Aquis on the Hong Kong Stock Exchange in order to finance construction on the Great Barrier Reef Resort mega project.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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