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Australia – Queensland hopeful makes move on the Reef
By Phil - 14 November 2013Aquis Casino Acquisitions, the company behind the bid to build a spectacular A$4.2bn casino and resort project in Cairns, is trying to buy Reef Casino Trust, which owns the only casino in Cairns Reef Casino for $214m.
The move would allow Aquis owner and Chinese businessman Tony Fung control of the market prior to any expansion and perhaps offer him the potential to relocate the licence. However, Mr. Fung stressed that the potential acquisition would be in addition to the Aquis project and would allow the company to begin marketing and attracting Asian tourists to Cairns now rather than waiting until 2018.
Reef Casino boasts one of Australia’s finest boutique casinos, a multitude of dining experiences and bars, extensive conference and banqueting facilities, free live entertainment in Vertigo, the largest indoor LED screen in QLD in The Casino Sports Arena, plus the five-star Pullman Reef Hotel Casino with 128 rooms.
Table games include Blackjack, Roulette, Mini and Midi Baccarat, Reef Routine, Paradise Pontoon, Sic-Bo, Rapid Roulette and the Money Wheel whilst there are also over 500 slots and a TAB Mega Wall and dedicated Keno Lounge.
The biggest shareholders in Reef Casino are Casinos Austria and France’s Accor Group. Sources say they are prepared to do business but would prefer Aquis to purchase Casino Canberra as well, a property associated with Reef.
Shares in Reef Casino increased by 44 per cent to a six-year high on the back of the news. The floating Aquis resort would be located 13km north of Cairns. It would market itself to Chinese tourists and has pitched itself as being bigger than James Packer’s Crown casino in Melbourne. It wants to operate 750 tables and 1,500 slots at a resort that, if approved, would include nine hotels with 3,750 rooms, one of the world’s largest aquariums, a 25,000-seat sports stadium, 1,200 apartments and 135 villas, high-end retail shopping, theatres, a 13-hectare reef lagoon, 18-hole golf course, a convention and exhibition.
The Australian state of Queensland is considering issuing three new casino licences similar to the sprawling Integrated Resorts seen in Singapore as the government looks to boost tourism and create jobs but a deal to buy Reef Casino Trust would guarantee Aquis’ entry to the market.