Billionaire Tony Fung Scraps idea of Cairns casino plan

By | August 22, 2016

Billionaire Tony Fung Scraps idea of Cairns casino planTony Fung, a billionaire and an investor from Hong Kong has finally scraped the news to pursue Cairns casino in Queensland. The business tycoon has rejected any plan to pursue the $8 billion Queensland casino.

Rather he will go for a new $2bn luxury hotel at Yorkey’s Knob site, which will have apartments and villas.

Earlier this year, Aquis Entertainment, Mr. Fung’s entertainment company based in Australian made a statement about Cairns casino, which said that they will pursue the casino in Queensland, but now it has now officially scrapped.

He also said that he was very much in process to get a casino license from Cairns Regional Council and was in positive negotiations with state government as well as Cairns Regional Council for land developments approvals, but now he will not apply for a license.

According to the news, Mr. Fung made it clear that he was very keen to get this concept on, but now when the casino market is down and it is not same as it was 26 months ago, it would not be a good idea to have a casino on ground.

I have done everything and put enough amount of money, but it is not as worthy as it was before six years or so.

The company’s spokesperson has confirmed the news and will now officially process to withdraw its proposal to develop an intenerated resort in the area. We will go for our revised plan to develop a Hotel and apartment, he said.

Now as per the new development, the Queensland government will now deal with new competitive tender for casino licence.

You know that the casino market has dramatically changed and most of the casinos in Las Vegas, as well as in Macau are facing problems. The Macau casinos have saw some hard time, because of the Chinese government pressure on casino and their VIP Customers.