The development of the lavish new Aquis resort in Queensland will still go ahead without the flagship casino. The Aquis Great Barrier Reef Resort is the organisation behind the Aquis resort project. They revealed that the initial proposal that included the casino would have delayed the project. After meeting with developers in Brisbane, they decided to put the casino development on hold. But, the casino will not be on hold indefinitely. The development project will take place North of Cairns. It is believed to cost approximately just over AU$8 billion. The construction is expected to commence in the first quarter of 2017.
Queensland’s Treasurer, Curtis Pitt said “that if the plans to include the casino still carried out, then the first phase of the construction would have been delayed”.
The decision to put the casino development on hold has seen Aquis withdraw from the Integrated Resort Development process. To explain, the Integrated Resort Development process, is the requirement for the approval of casino license.
Chinese Casino investors to look elsewhere than The Aquis Resort
Chinese billionaire, Tony Fung, who was set to be involved in the casino side of the business is not impressed by the latest developments. Fung is rumoured to be on the lookout to take his business elsewhere. Because the developers of the resort have not clearly indicated when they will continue with the casino plans.
Sources close to the Chinese property tycoon, said he has set his sights on a new casino on the Gold Coast. Fung has had numerous meetings with the partners developing the Gold Coast. In fact, rumours have circulated on Fung now owning the International Beach Resort. Sources have confirmed that the purchased would have happened in the latter half of 2015. The buyout is estimated at AU$160 million.
Stayed tuned to Casino Australia for an update on this story.