ACCC agrees to casino buyout
The Australian Competition and Consumer Commission will not oppose the $269 million buyout of the existing Reef Hotel Casino in Cairns by Tony Fung’s Aquis group.
“The ACCC understands that the resort [Aquis Great Barrier Reef Resort], if developed, would be of a scale that is unprecedented in Australia. The total expenditure required to develop the first stage alone would be over $5 billion,” Commissioner Jill Walker said. “The ACCC was satisfied that, if developed, the Aquis Resort will focus primarily on international VIP customers because the size of its proposed investment would require a much higher return than could be obtained from non-VIP customers. The Reef Casino makes most of its revenue from gaming machines, rather than from table games.”
Justin Fung intends transforming the Reef Hotel Casino in Cairns into a “mini-Aquis” as a teaser to the real thing – the $8.15 billion Aquis Great Barrier Reef Resort at Yorkeys Knob near Cairns.
“I want to bring a bit of Aquis flair and flavour and also engage the community,” Mr Fung said yesterday.
He added work would start as soon as all the approvals were given.
