Aquis CEO confident on casino approval

The Aquis Group was named preferred bidder for one of two casino licenses by the Queensland government last year, but a shift in power to Palazczuk’s new Labor government held up the process. But Fung said he was hopeful of talks with various government departments about being granted all necessary approvals to move ahead with the project.

“We are still confident about the Yorkey’s project,” commented Fung. “We’ve had a lot of really good discussions with the new government in the past few months but, of course, there are a lot of boxes to be ticked. Casinos are possibly the most regulated industry in the country.”

Under the previous administration headed by Campbell Newman, a tender was launched for three mega-casino projects to transform Queensland into a global tourism destination. The government was seeking integrated resorts casino facilities with five-star gaming amenities, hotels, restaurants and convention centres, similar those in Macau and Las Vegas.

Hong Kong billionaire purchased land on the former agricultural site of Yorkey’s Knob in northern Cairns with plans to spend $8.15bn on a state-of-the-art complex that would compete with the best in the world. The project received environmental approval, but still needs approvals from local councils, as well as possible federal approval.

Last month, the new government granted the first license to Echo Entertainment for its integrated resort at Queen’s Wharf. Two weeks later, the ASF Consortium signed a land deal with the state government for a casino property on the Gold Coast. Fung hopes that following this momentum, positive strides will be made for to obtain the third license.

“The government process was set up for the Brisbane license, which was a competitive process,” remarked Fung. “Being in the north, without another project in the works, means there is some discussion about finding other ways of tackling this process, and that is where we are now.”

Aquis is also interested in purchasing the Sheraton Mirage and is pushing for a casino license for the property. The Fung family also owns a development site at Robina on the Gold Coast, which its purchased for $45m, as well as a $55m property on Surfers Paradise, a $7m penthouse on Surfer’s Paradise and Nathan Tinkler’s Patinack Farms, purchase for $15.8m.