Aquis Great Barrier Reef Resort wins federal approval

But Mr Fung must still win state government agreement to develop the casino component of the proposed development with Aquis project director, Pat Flanagan, saying that could take at least two more months.

"We are working with the government to agree the process to finalize the casino agreement," Mr Flanagan said.

"The completion of the environmental approvals and planning assessment means that the only outstanding item to be completed is the casino agreement with the State Government, which we hope to achieve in a timely manner."

If Aquis wins gaming approval the agreement will allow the project to proceed to the next stage of development.

The Queensland government recently abandoned plans for a casino on the Gold Coast and is yet to announce who will win the Queen's Wharf project in Brisbane which will have a gaming element — with the contest down to James Packer's Crown group bidding against Echo Entertainment.

Meanwhile, Mr Flanagan said the federal government environmental approval demonstrated the proposed project respected the world heritage listed Great Barrier Reef and wet tropics rainforests.

He said the federal government approval, combined with the Coordinator-General’s Assessment Report, completes the environmental assessment of the proposal.

Aquis claims the Yorkey's Knob resort will generate up to $988 million in gross regional product during the construction of stage one and $10.2bn at full operation.

Aquis proponents say it would directly create 10,000 new jobs.

In its first stage, it would build 4,000 luxury hotel rooms on a platform over a series of lagoons with a theatre, aquarium, restaurants and casino targeted at a "family-friendly" premium and VIP Chinese tourist market.