A Hong Kong billionaire investor is reportedly considering the possibility to build an integrated resort in Australia’s Gold Coast region, The Gold Coast Bulletin reported earlier today citing an unnamed resource.
Reports are emerging just days after the Queensland government scrapped a A$3-billion masterplan for a five-tower hotel, casino, and entertainment complex. Headed by a Chinese group of investors, ASF Consortium was selected by state officials as the preferred candidate for a Gold Coast casino development four years ago.
The company first presented a plan for an integrated resort on the Wavebreak Island. The project was rejected due to environmental concerns. About two years ago, the Southport Spit area emerged as the developer’s new eyed location. Following a public consultation period, completed in April 2017, the Queensland government shrugged off that plan, too. Environmental concerns were once again what prevented the project from moving forward.
Reportedly, the latest developments have caught the attention of Hong Kong businessman Tony Fung, who has been eyeing investment opportunities across Queensland for quite some time. With the Gold Coast casino license now being available, it is believed that the billionaire investor express interest in winning it.
According to an unnamed source, Mr. Fung was among the group of investors who purchased last year a more than 11,000-square-meter plot in the Surfers Paradise seaside resort for the total amount of A$40 million. It is believed that the site may be used by the the Hong Kong investor as the potential location of a planned integrated resort. There are no official plans revealed for the portion of land.
The source told the Gold Coast Bulletin that Mr. Fung somehow expected or at least hoped that ASF Consortium’s Southport Spit project would fail and that the businessman was now planning to take the best possible advantage of the current situation.
It is yet to be confirmed by Mr. Fung and his Surfers Paradise site partners whether they make a bid for the vacant casino license. Here it is interesting to note that one of the businessman’s partners, China Communications Construction Company, is also involved in the ASF Consortium business entity.
Several years ago, Mr. Fung was among the main investors in the Aquis Great Barrier Reef Resort, a multi-purpose complex that was planned to be located in the Cairns area. The project was highly promoted as the largest one of this kind in Australia. If built, the resort would have occupied 340.6 hectares of total area. Under original plans, it would have included a casino, as well. The gambling portion of the plan was scrapped. Not long after, Mr. Fung and his partners abandoned the project altogether.
The Hong Kong businessman has recently presented plans for the construction of a six-star casino on the Surfers Paradise waterfront.
