Why Fungs shelved the Cairns resort
AQUIS has blamed the Asian gaming downturn and the fall in cashed-up Chinese gamblers visiting Australia as the result of stricter chinese government conditions for its move to permanently shelve its multi-billion-dollar Yorkeys Knob casino development.
Aquis Australia chief executive Justin Fung, the son of Hong Kong billionaire Tony Fung, said the casino market in Asia had slowed dramatically in the past year and there were few signs that a turnaround was imminent.
“We had proposed the development at Yorkey’s Knob but unfortunately that project is on hold for the time being,” he said.
“At the moment, we are working on some new developments plans.
“What was feasible then is not compatible with the gaming market in Southeast Asia and Australia.”
Mr Fung said the Chinese governments’ gambling crackdown under Xi Jinping’s administration had the biggest impact on regional wagering levels was.
“The [Cairns] project would have been pitched toward tourism,” he said.
“We are still incredibly bullish on Chinese tourism in the future,” he said.