The development of the new lavish multibillion-dollar Aquis resort in Queensland will still go ahead without the flagship casino. Aquis Great Barrier Reef Resort, the organisation behind the resort project, has revealed that the initial proposal would have delayed the start of the project. They had proposed that the resort will go on with the casino as part of the project but after the meeting with the developers in Brisbane, the casino will be put on hold, for now.
The development project by Aquis that will be at north of Cairns is believed to costs approximately over AU$8 billion. The construction is expected to commence in the first quarter of 2017. Queensland’s Treasurer, Curtis Pitt said that had the plans to include the casino still carried out, then the first phase of the construction would have been delayed.
The move has seen Aquis withdraw from the Integrated Resort Development process, which is the requirement for the approval of casino license.
Chinese Casino investors to look elsewhere Than The Aquis Resort
The 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 has been rumoured to be looking to take his business elsewhere because the developers of the resort have not 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 and it is believed that he bought the International Beach Resort at the end of 2015 with an AU$160 million buyout.