Queensland in talks for luxury hotel and casino project
The Queensland state of Australia is currently considering a AUD4.2 billion (US$3.5 billion) hotel and casino project proposed by Tony Fung, a Hong-Kong based billionaire. The state government was considering the plan to redevelop the 343 hectares or 848 acres of rural land north of Cairns. The deal would enable Fung to avoid seeking individual approvals for the separate parts of the proposal.
The Aquis Great Barrier Reef Hotel and Casino Resort proposal includes 1,200 apartments, 135 villas, nine luxury hotels, an 18-hole golf course, a conference center and a sports stadium. The Cairns development is the newest in the series of proposals for new luxury resort hotels and casino to open in Australia. The proposal came in after the 16% drop in the Australian dollar (AUD) since mid April of this year. The drop made the country more attractive to overseas investors and visitors.
Echo Entertainment Group Ltd is currently proposals from James Packer's Crown Ltd to build another casino in both of Australia's major cities. Both companies are aiming to cash in on tourist dollars from Asian high-rollers who have doubled the gaming revenues of Macau.