Justin Fung, CEO of the Aquis Group, says he expects his planned multibillion-dollar casino resort on the Great Barrier Reef to be approved by the Queensland government under recently elected Labor Premier Annastacia Palazczuk.
“We are still confident about the Yorkey’s project,” said Fung, son of Hong Kong billionaire Tony Fung. “We’ve had a lot of really good discussions with the new government in the past few months, but of course, there are a lot of boxes to be ticked. Casinos are possibly the most regulated industry in the country.”
The previous administration under Campbell Newman approved three mega-casino resorts for Queensland. Fung purchased land at Yorkey’s Knob in northern Cairns and has proposed an $8.15 billion complex there. The project has cleared the environmental hurdles, but still needs approvals from local councils and possibly the federal government.
Two resorts have been OK’d for the Australian state: the Echo Entertainment integrated resort at Queen’s Wharf in Brisbane, and the ASF Consortium casino project on the Gold Coast.