Potential Casino Monopoly Worries ACCC
The Australian Competition and Consumer Commission is investigating Hong Kong billionaire Tony Fung’s intention to own both casinos in Cairns.
Mr Fung is the developer of the $8.15 billion Aquis at Yorkeys Knob and has also tendered $269 million for the Reef Hotel Casino in Cairns and Canberra Casino in the ACT.
ACCC Commissioner Jill Walker said, “The ACCC is concerned that the proposed acquisition has the potential to deprive customers of the benefits of competition between these casinos; such as promotions, rebates, or reductions in the price or improvements in the quality of other goods or services provided in conjunction with casino table games.
“The ACCC will continue to investigate the extent of expected competition between the Reef Casino and the Aquis Resort in the absence of the proposed acquisition.”
AccomNews is not affiliated with any government agency, body or political party. We are an independently owned, family-operated magazine.
