Australia – Hong Kong tycoon adds to Gold Coast casino wish-listBy Phil - 11 May 2015
Hong Kong billionaire Tony Fung has snapped up the Sheraton Mirage on Australia‘s Gold Coast for $160m as he plans another casino project in the region.
Despite the fact that he has yet to receive a licence and is awaiting probity approvals from the Queensland Government, Mr. Fung’s Gold Coast spending spree has now reached $280m. His most spectacular project is the $8.15bn Aquis Great Barrier Reef casino resort project in Cairns, which is still waiting approvals and indeed a change in legislation, although he already owns the casino in Cranberra.
He has now added turning the five-star Sheraton Mirage and Marina Mirage into an integrated casino resort precinct to his burgeoning wishlist.
Speaking to local media, he said: “The Gold Coast is one of those rare destinations that enjoys instant recognition throughout Asia. But it has yet to reach its full potential. As the only five star resort on the Gold Coast that enjoys a beachfront location the Mirage property has a host of natural advantages in its current use or as a future development opportunity. I see an extremely bright future for Australia and Queensland as the economy transitions away from mining and resources and into other areas lie tourism and education,’’ said Mr Fung.
He plans to re-develop the site into a convention centre, dining, shopping and entertainment destination with superyacht berthing facilities.