Aquis Confident in Yorkeys Knob Casino Approval

Aquis Chief Executive Officer Justin Fung expressed confidence that his company will eventually be granted one of the three Queensland casino licenses. Aquis proposed to build an A$8-billion integrated resort in Cairns. Reportedly, the company would also push for a casino license for the Sheraton Mirage hotel on the Gold Coast.

Last year, the former Queensland government said that Aquis was the preferred bidder for a casino at Yorkeys Knob in Cairns. However, it is still difficult to predict whether the company will be able to proceed with the construction of its luxury property. Queensland officials pointed out that Aquis would first have to receive all the necessary approvals related to the materialization of its project.

However, the new government, led by Premier Annastacia Palaszczuk, has been delaying the approval process. Mr. Fung told local media that they are confident in their success. The executive also noted that they have been discussing the matter with the state government but there are a lot of things to be taken into account and this takes time.

In 2013, the Queensland government announced that it would grant three casino licenses. Last month, Echo Entertainment won the Brisbane bid and will build an integrated resort at Queen’s Wharf. Two weeks later, the ASF Consortium signed a land deal with the state government for the construction of a luxury hotel and casino property on the Gold Coast.

Aquis has previously expressed interest in purchasing the Sheraton Mirage hotel, located not far from the ASF integrated resort’s proposed site. According to people with knowledge of the matter, the gambling operator would push for a casino license in order to be able to add a casino at the hotel.

Mr. Fung commented that they respect ASF as the preferred bidder for the Gold Coast gambling venue. However, the executive noted that Aquis has everything needed to present an impressive casino project should the Chinese-backed consortium is not allowed to proceed with its plan. According to him, the Sheraton Mirage hotel is the best site for a future casino. Aquis is planning to purchase the property for the amount of $160 million.

As mentioned above, Mr. Fung’s company is to build an A$8-billion mega resort featuring a large casino floor, more than 7,000 hotel rooms, and a number of entertainment, retail, and food and beverage options. Aquis Great Barrier Reef Resort is expected to annually attract more than 1 million visitors and to boost the region’s economy as well as that of Australia as a whole.