Thursday, August 15, 2013

Move over James Packer

While it's all over bar the shouting with James Packer's proposed $1.1B casino for high rollers at Barangaroo getting the go-ahead, he will have fierce competition in Cairns.
the proposed Barangaroo Packer Casino and hotel...  and Tony Fung's proposed Acquis Resort in Cairns
Chinese tycoon Tony Fung wants to build a A$4.4 billion casino and resort in Cairns,
James Packer                   Tony Fung
close to the Great Barrier Reef, which is bound to  accelerate competition in the country's gambling and tourism market particularly the fierce attempts to lure 'whales', the high spenders.

The Queensland state government announced two weeks ago that Fung's casino proposal was declared a "coordinated project", the first step in the government's approval process.
"Basically it's declared a coordinated project because of the size and complexity of it," a spokesman for the Queensland state government told Reuters. "It's the first step in a comprehensive assessment of the approval process. The proponent has to prepare an environmental impact statement."
 The Aquis Resort at the Great Barrier Reef has a targeted opening of 2018 and is said will 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.
Fung, a Hong Kong based private investment banker and investor, has homes in Queensland including a house in the Noosa Hinterland. His private businesses include a cattle farm and wagyu beef breeding business and a sugar cane plantation.