October 5, 2013
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Business columnist
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Enigmatic Chinese billionaire Tony Fung is proposing to build a
''mega resort and casino'' on the northern beaches of Cairns at Yorkeys
Knob.
This Aquis Great Barrier Reef Resort - with its nine luxury
hotels, convention centre, two 2500-seat theatres, 18-hole golf course,
sports stadium, high-end shopping, 20-hectare reef lagoon and mega
aquarium - promises to be Australia's biggest casino, sorry, resort yet.
At a cost of $4.3 billion, it well and truly eclipses the
$1.5 billion earmarked by Crown casino, sorry integrated resort, for
Barangaroo in Sydney.
And it has even passed the first hurdle with Campbell
Newman's government in Queensland by achieving ''co-ordinated project''
status, and ''streamlined approval''.
How this ''streamlined'' process compares with the NSW
government's ''unsolicited proposals'' process that delivered the green
light for James Packer's Barangaroo project we are not sure. Both
processes seem quite streamlined.
Both are designed to lure Chinese tourists to Australia, rather
than leave this great nation to rot as a 21st century backwater.
The Aquis Great Barrier Reef Resort, with its 750 gaming
tables, 1500 pokies, 3750 hotels rooms, 1200 apartments and 130 villas,
is far bigger than even Crown's Mecca-on-Yarra itself.
The social benefits of a mega-resort on the Great Barrier
Reef are obvious - the fish will love it - but we were keen to evaluate
its economic credentials by seeing the Preliminary Economic Impact
Assessment for the project prepared by KPMG.
Alas, the office of the Queensland Co-ordinator-General could
not help. "The report was commissioned by Aquis. You will have to talk
to them about obtaining a copy."
Tracking down Aquis was no mean feat. Following the Crown
modus operandi and its streamlined Barangaroo process, the Aquis
development had been gloriously splashed across the nearest Murdoch
tabloid to kick things off. This time it was
The Courier Mail and the
Cairns Post as opposed to
The Daily Telegraph. But the trail went a tad cold after that, stopping dead with the Queensland Co-ordinator-General and the Aquis Facebook page.
A contact in Cairns suggested the $4.3 billion investment
would be made by 4JS Group, a company associated with the Hong Kong
tycoon Fung and which had pastoral holdings out near the Undara lava
tubes behind the Atherton Tableland.
But a phone number was hard to come by. Neither Aquis nor 4JS
were listed on the directory at the building specified as the address
on the Aquis website.
Our intrepid contact in Cairns duly followed the signs to a
locked door with no business name and this sign said: "By appointment
only. Please call Fiona on … All Deliveries, please phone Fiona …"
Fiona answered! She suggested we call Crook Publicity (true
story). However, Crook operatives were unable to furnish a copy of the
elusive KPMG report, or anything beyond the majestic headline numbers on
Facebook.
Aquis, the Queensland government, Crook publicity and News
Corp are running a tight ship on this one. Crook does Clive Palmer's
publicity, too, and has done a Titanic job.
Let's face it, the last thing you need when you are getting a
casino up to speed is the disruption of a public consultation process.
All those naysayers carping on about the social ills of electronic
entertainment merely stand in the way of job creation.
As laid down by the David Murray panel, commissioned to
report on Sydney's second casino, sorry, resort, what the nation
desperately needs is competition in the sector.
Fear not, competition is coming. Indeed, when it comes to
casinos, it is a case of ''show me and I'll raise you one resort''.
Gold Coast Mayor Tom Tate reckons his region can do with
another five casinos. Tate is a visionary, too. He met his Las Vegas
counterpart in the US to forge a partnership between the two cities.
South-east Queensland could learn a lot from the City of Lights. "They
have 40 million tourists coming in, we have 10 million," he said. "They
have 122 casinos, we have one."
Other businesses would benefit from a new ''cultural
precinct''. Indeed, it soon emerged that Tom's own businesses in one of
the precincts might be among these.
"Five per cent of people come to Las Vegas for the gambling,"
he said. "The balance comes … [for] the attractions, the conventions
and all the things that excite families." Good old families. They are
always around when you need them.
According to a story in the
Gold Coast Bulletin, there were at least two international investors already interested in Tom's resorts.
"Two cashed-up international investors have emerged in the
race for the exclusive development rights of Wavebreak Island, rivalling
Sembawang's $4.9 billion super-resort proposal."
Tate's enlightened plans for a new cultural precinct are
likely to enrage the latte-sipping elites of Sydney and Melbourne who
believe they have a mortgage on arts and culture in this country - not
to mention the anti-electronic entertainment crusaders who would oppose
the family-friendly cultural precincts.
Too bad. Roll out the resorts from Cairns to Carnarvon. The
mega-resort at Yorkeys Knob may put the squeeze on the existing casino
at Cairns, Casinos Austria's Reef Casino, but Reef could do with a spot
of competition for the Papua New Guinea high-roller dollar.
Besides, Australian government aid grants to PNG, not to
mention oil and gas royalties, could be streamlined more expeditiously
straight back into the Australian economy with a new casino, sorry …
resort.