Coast resort consortium to face finance investigation

THE State Government has not undertaken due diligence on the finances for the consortium behind the Gold Coast’s $3 billion integrated resort despite an audit report raising concerns.

A Bulletin report last week revealed ASF’s latest financial report shows the consortium behind The Spit project has a cash balance of $5.1 million as it plans the $3 billion development.

The Office of State Development maintained it had completed some “preliminary financial due diligence” but the Office of Liquor and Gaming Regulation had only provided advice about the casino licence.

The Palaszczuk Government has confirmed it would only undertake due diligence once the integrated resort project proceeds to the next stage.

ASF on its current timeline predicts it will put forward a detailed proposal submission between July and December.

“If government were to issue a request for a detailed proposal, the commercial structure and offer of the proponent would then be subject to due diligence including the usual investigative, suitability and regulatory processes that apply to all foreign investment and all casino operations,” an Office of State Development spokesman said. “This process is extensive.” The China-linked ASF consortium is still searching for a “tier one” casino operator and “at least one other cornerstone entity” but maintains it retains a “spotless track record of raising capital from its networks” since its founding in 2006.