AQUIS Great Barrier Reef is negotiating to downsize its $8 billion plans for a mega casino resort in Cairns.
It’s reported in today’s The Courier Mail that Hong Kong billionaire Tony Fung has asked the State Government to clarify the minimum requirements for an integrated resort development.
Fellow tycoon David Chiu, a partner in Brisbane’s $2 billion-plus Queen’s Wharf development, said the move to scale back the colossal vision could be the winning hand in approval to start building by 2017.
“It is a huge project,’’ Mr Chiu said. “Some might say too big for Cairns.’’
The Chinese property mogul said a more realistic first phase roll-out would help his friend Mr Fung win a new casino licence and IRD approval.
“Tony has big plans for Cairns and the Reef,” he said.
A simpler start-up model is likely to get it off the ground when floated on the Hong Kong Stock
“Very few new luxury hotels have been built in recent years in Queensland, I see that as a big opportunity.’’
The $8 billion Aquis project would capture the attention of cashed-up investors when floated on the Hong Kong Stock Exchange but a simpler start-up model is likely to get it off the ground.
Both Aquis and the State Development Minister Dr Anthony Lynham declined to reveal any details of the new IRD process, citing confidentiality.
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Jason Thomson | Finance Broker and Mortgage Adviser | Smartline Cairns