Now the Federal Member is having his say

The Federal Member for Leichardt Warren Entsch voicing his opinion that the probity investigation be urgently completed.
What is wrong with politicians, don't they read, don't they google for information? apparently not, if they did they probably would have a better understanding of what is happening.

Member for Leichardt Warren Entsch

The Federal member stated in the Cairns Post October 31, 2014 http://www.cairnspost.com.au/news/member-for-leichhardt-warren-entsch-says-complete-aquis-probity-probe-now/story-fnjpvlcp-1227107716737
he didn't want to compromise the probity process but it needed to be completed quickly and also stated that if he was approached he will see what he can do to assist the the developer.
If that is not interfering or compromising the process then what is.
Locals have noticed that the two local members, Gavin King and Michael Trout have backed off the push for Aquis for reasons unknown and well advised to do so but one would assume that it has something to do with what the Commissioner for Liquor licensing  David Ford has had to say in Saturdays Weekend Post........

Mr Ford said the probity investigation started on March 5, not a year ago.
“Although significant progress has been made in the investigation, important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis,’’ he said. “In addition, discussions with the Queensland Police Service and through them with international policing agencies, to finalise consideration of the reputation and criminal history of Aquis and its associates are yet to be finalised.
“The nature of casinos has made them targets for organised crime, both in their ownership and as a means of laundering ill-gotten gains. While this has never been an issue in Queensland it is important that the regulatory processes work to eliminate these risks as far as is possible.
“Obviously, there are a number of factors which affect the length of probity processes including whether the applicant has been similarly licensed elsewhere, their corporate structure and source of funds.
“I would note that Aquis has had little corporate history in Australia, has not been similarly licensed elsewhere and is sourcing a significant proportion of its funds from offshore".
 Mr Entsch would also be well advised to back off and let the probity process go it's course.
We are not talking about a $100,000,000 motel or hotel this is a $8.5 billion dollar mega structure and the process takes time and if Mr Fung doesn't appreciate our way dealing with these matters then don't make threats because that's the quickest way to get locals off side and it would appear from comments in the Post a lot of people are "pissed" off.
Mr Entsch also compared this process with the Townsville Casino which he says only took only eight months, well the Townsville Casino didn't cost $8.5 billion and this process started in March 2014 and to my calculations is eight months today.
It would appear that there are concerns especially with financing and the developers having no previous experience in this field.
The licencing department would appear to be carrying out their investigations in a diligent manner and if it takes another 6 months so be it

Another week another threat

In Friday's Cairns Post the headline reads:  Tony Fung threatens to walk away from $8.15bn Aquis resort if Reef Hotel Casino takeover isn’t completed in 2014 .

Tony Fung

This is all about the probity taking too much time, well Mr Fung the Government has to run these checks and it would be absolute madness for them to tick all boxes without proper investigations.
Mr Fung also stated he announced his bid for the Reef Casino on November 13 last year.
The following information seems to over-ride his statement:
The Liquor and Gaming Regulation Commissioner David Ford stated the probity investigation started on March 5, not a year ago.
Some people are jumping up and down but there is a process to follow and this being such a big project there needs to caution when issuing licences and according to the Brisbane Financial review they  stated:  http://www.afr.com/p/business/companies/all_bets_off_in_the_sunshine_state_cUBXhc6ZSXe5p8QgNSFq0H

Reef Hotel Casino

In Saturday Weekend Post the Liquor and Gaming Regulation Commissioner David Ford stated that he doubts he can meet the deadline to complete the probity into Hong Kong billionaire Tony Fung's take over of the Reef Hotel Casino.
In Fact Mr Fung was advised last month that the November 28 deadline would be difficult to meet.
Mr Ford said the probity investigation started on March 5, not a year ago.
“Although significant progress has been made in the investigation, important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis,’’ he said. “In addition, discussions with the Queensland Police Service and through them with international policing agencies, to finalise consideration of the reputation and criminal history of Aquis and its associates are yet to be finalised.
“The nature of casinos has made them targets for organised crime, both in their ownership and as a means of laundering ill-gotten gains. While this has never been an issue in Queensland it is important that the regulatory processes work to eliminate these risks as far as is possible.
“Obviously, there are a number of factors which affect the length of probity processes including whether the applicant has been similarly licensed elsewhere, their corporate structure and source of funds.
“I would note that Aquis has had little corporate history in Australia, has not been similarly licensed elsewhere and is sourcing a significant proportion of its funds from offshore.
“The OLGR is well aware of the need for a timely response in a commercial transaction such as this and will continue to engage with Aquis to finalise the matter as quickly as possible.’’
In earlier stories on Cairns Video News it was stated that Mr Fung didn't have the self finance for this project and he approached investors and banks to back him on this venture and as yet nothing has surfaced to satisfy not only the government but a majority of residents.
If there had been any type of response from the visiting investors no doubt everyone would have heard about it.
The former treasurer and now Reef Hotel Casino Trust Director Keith DeLacy is jumping up and down saying the probity process is taking too long.
Well Mr DeLacy you having been a politician should know that these things require proper scrutiny, your outcry is for you and your employers benefit and stuff everything else.
It doesn't work like that anymore and with proper scrutiny by the  Commissioner of the Liquor and Gaming department it appears that they are going to do the checks that are required and if they don't come up to scratch then Aquis will as I have previously stated will fade into the sunset.
As far the Cairns Regional Council, Cairns Chamber of Commerce, Advance Cairns, Tourism Tropical North Queensland and Cairns Airport go sit back and stop interfering with the process.
Good to see that the Deputy Premier has refused to intervene in the probity process.

From a qualified & experienced financier:

With no joint venture investor parties, a hotel operator of international calibre nor an experienced casino operator there is absolutely no evidence whatsoever that Mr Fung has the financial capacity to deliver this massive $8bln project himself. So before spending huge amounts of public monies and time on evaluating the Aquis EIS why has the government not demanded Mr Fung provide assurance that if the EIS is approved, licence granted etc he has underwritten finance and can actually then deliver the project. This is usually standard practice for substantial projects such as this. Simply if Fung and this project is to be given any credibility as anything other than ‘pie in the sky’ we need to see a letter from lending agencies such as banks that they will make all monies available for the construction of Aquis if licences are granted.
Will this project go ahead probably not.

Read all comments in regards to this story:

http://www.cairnspost.com.au/business/tony-fung-threatens-to-walk-away-from-815bn-aquis-resort-if-reef-hotel-casino-takeover-isnt-completed-in-2014/comments-fnjpusdv-1227100580949

http://www.cairnspost.com.au/news/commissioner-throws-doubt-on-reef-casino-probity-deadline/comments-fnjpvlcp-1227101630795

Future’s rosy, says outgoing tourism chief

As reported in the Cairns Post

October 9, 2014.

This what James Dixon said:
TOURISM Tropical North Queensland deputy chairman James Dixon is standing down from the marketing body after 10 years.
 North Queensland deputy chairman James Dixon is standing down from the marketing body after 10 years.

Mr Dixon, who co-owns Down Under Tours with brother Gordon, said it was with mixed feelings he was not seeking re-election at the annual meeting on October 28.
He said the industry was in for a promising future, the best in many years, even if the proposed $8.15 billion Aquis integrated resort did not proceed.
"I’ve been on the board for 10 years and I feel that it needs fresh blood and fresh ideas,’’ Mr Dixon said.
"The industry has been very kind to my family, to our business, and I’ve enjoyed being able to give back,’’ he said.

James Dixon

Mr Dixon said tourism was looking rosy and hopefully would not be impacted by world events, such as the conflicts in the Middle East.
"From a tourism perspective the next little while is looking very exciting,’’ he said.
Mr Dixon said he believed the most serious issue facing TTNQ, of sustainable funding, was about to be resolved.
He said chief executive Alex de Waal and the board had "a serious and solid plan" to ensure sustainable funding would be achieved.
"If we go to the next level it will be a completely different ball game for the destination,’’ Mr Dixon said. The funding plan would be revealed soon.
This year there will be no election for the three general director and two zone director positions. Cairns Convention Centre general manager Ross Steele will be re-elected unopposed as Cairns south zone director and Exemplar Coaches and Limousines director Gordon Wellham as Cairns North zone director.
Re-elected as a general director is Quicksilver Group marketing director Michael Healy, while newcomers are Cook Shire Council regional development officer Katrina Houghton and Jungle Adventures Cape Tribulation managing director Sheena Walshaw.
TTNQ has turned around last year’s loss of $102,261 to a profit of $23,720 despite revenue falling from $6.6 million to $6.1 million. Expenses fell from $6.7 million to $6.1 million. Industry memberships and contributions decreased from $2.9 million to $2.5 million while government and other grants rose slightly from $3.12 million to $3.18 million.

AQUIS DELAY - it was going to happen

WORK to build the proposed $8.15 billion Aquis mega-resort has been delayed until 2016 with the opening possibly in 2020.
It would appear that since the closing of the EIS feedback from the locals there seems to be some backward steps by the government departments involved with the present objections listed in the feedback.
Not only that the finance has not been raised and nor has the government asked for any written guarantee that the banks and investors would agree to financing or backing this project and you would have thought that this would have been the government first objective.
Mr Fung made the following statement in the Cairns Post on Saturday September 27, 2014:....
"Mr Fung said he would not have any problem raising the finance for Aquis and already had flown potential investors to Cairns, including a friend and China Poly Group president Zhang Zhengao.
“We have not gone out looking for investors seriously as we still have yet to get all the approvals,’’ he said.
Mr Fung said those who had shown interest as “friends”, whom he would not name, and were “excited” about Aquis.
He said Aquis would be financed using a combination of private equity, public equity and debt.
“There are different kinds of debt. It’s still to early to see what is available on the market,’’ Mr Fung said".
Why would anyone especially the developer make all these promises about Aquis without firstly obtaining written guarantees that the finance is available... it just does make any sense at all.
He just doesn't have $8.5 billion dollars himself.

Aquis the first priority for Cairns say MPs Michael Trout and Gavin King

As reported in the Cairns Post
October 18, 2014

MPS Michael Trout and Gavin King are not prepared to guarantee hundreds of millions of dollars for their electorates – unlike their Townsville counterparts.
Local Government Minister and Mundingburra MP David Crisafulli has promised to secure an estimated $290 million from the proceeds of the lease of Townsville port for the electorates of Townsville’s three MPs.
He told ABC North in Townsville that 25 per cent of the port lease (estimated to be $1.16 billion) “we have guaranteed to three local members ... that we will bring home the bacon for our city”.
“No other region has that promise made. We are very proud of that and we are going to put our careers on the line.”


Advance Cairns chairman Trent Twomey
called on MPs Michael Trout and
Gavin King to also make a $290 million promise

Advance Cairns chairman Trent Twomey called on Mr Trout, Mr King and Member for Cook David Kempton to also make a $290 million promise.
“If Mr Crisafulli and his mates in Townsville can give a $290 million promise why can’t our State MPs give a similar guarantee for us?’’ Mr Twomey asked.
“We continue to be short-changed by the State Government and by the Federal Government. I’m not accepting that we be short-changed any longer.’’
Mr Twomey said it was likely the $290 million would go to build Townsville’s “Saturday afternoon” football stadium.
“We need funding for a road (Bruce Highway) and hospital, used 24/7, as well as for water.’’
But Mr King said the Far North had no asset leases and they could not give a similar promise.
He said only two of eight priority projects nominated by Advance Cairns and the Cairns Chamber of Commerce of water and Bruce Highway upgrades fell under the $8.6 billion Strong Choices Future Investment Program.
He and Mr Trout were not prepared to provide a figure they would seek to fund water and road projects.
Both MPs said their first priority was approval of the $8.15 billion Aquis integrated resort.
“We are pitching for the approval of Aquis and that will stimulate the region more than anything else,’’ Mr Trout said.

Is this a threat? My way or the highway --- HONG KONG tycoon Tony Fung is warning his $276 million takeover of the Reef Hotel Casino in Cairns might not go ahead if conditions to a new deadline are not met.

As reported in thee Cairns Post
   

• by: Nick Dalton
• From: The Cairns Post
• October 18, 2014 8:01AM

 

Hong Kong based Billionaire, Tony Fung, on board his AQUIS corporate Boeing 757 jet flying from Cairns to Macau. Picture: Marc McCormack Source: Supplied

         

HONG KONG tycoon Tony Fung is warning his $276 million takeover of the Reef Hotel Casino in Cairns might not go ahead if conditions to a new deadline are not met.

The billionaire has given shareholders an extra week to accept the takeover – he needs a 90 per cent acceptance level – and for probity investigations to be completed.
Mr Fung said the Reef Hotel and Casino was “a necessary and fundamental step in the group’s plan to ­develop the $8.15 billion Aquis integrated resort at Yorkeys Knob”.
The deadline has been extended to November 28 for acceptances for the trust takeover and other associated ­entities, including Casino ­Canberra.

The Pullman Reef Hotel Casino in Cairns CBD

The Pullman Reef Hotel Casino in Cairns CBD.

“Aquis is currently not minded to further extend the offer period beyond the revised deadline (November 28) if the conditions have not been met by November 21, although Aquis reserves its right to do so,’’ Mr Fung said.
“If the offer closes with conditions that have not been satisfied, the offer will lapse and no RCT units will be purchased pursuant to the offer.’’
Mr Fung said the outstanding conditions were probity and 90 per cent minimum ­acceptance by unitholders.
He said “in our view the extension provides ample opportunity for OLGR (Office of Liquor and Gaming Regulation) to complete their investigations and advise us of the outcome.”
Mr Fung said Aquis had received acceptances of more than 81 per cent and had obtained Foreign Investment Review Board and Australian Competition and Consumer Commission approvals.
The Reef Hotel Casino would allow Aquis to start operating a business in Cairns five years before the completion of the new resort, Mr Fung said.
“If we are successful in acquiring the Reef Hotel Casino we can start working immediately to attract visitors from Asia and develop our business,’’ he said.
“From a business perspective, it would be impossible to start from scratch.’’
An Office of Liquor and Gaming Regulation spokeswoman said she could not say when the probity probe would be completed into the Reef Hotel Casino takeover.
“However, OLGR continues to work with Aquis to bring these investigations to a ­conclusion,’’ she said.

Yorkeys Knob residents’ group takes softer approach to Aquis

As reported in the Cairns post
October 2, 2014.

ONE of the most vocal opponents of the proposed Aquis mega-resort may no longer be as vocal.

GUARD CHANGE: An aerial view of proposed Aquis site and (inset) incoming Yorkeys Knob Residents Association president Barry Neall.

There has been a changing of the guard at the Yorkeys Knob Residents Association, with president Pam Bigelow stepping down from her role with the community organisation after a decade of service.

The only remaining committee member is Maurice Milliner, who has stepped up as vice-president.

Ms Bigelow has previously spoken out against the $8.15 billion Aquis project, in particular out of concern the development would drive up the cost of living in the northern beaches.

The new president of the association, appointed on Tuesday night, is long-time resident Barry Neall.

Public consultation closed in August on the Environmental Impact Statement for the proposed development, with 251 community submissions to be assessed by the state’s independent Co-ordinator-General.

Mr Neall said the association would weigh up all aspects of Aquis, and wait for the Co-ordinator General’s assessment of the development, before committing to a stance on the contentious issue.

"I’ve made it quite clear to people that it’s not my job, or the committee’s job, to agree or disagree with whatever’s happening with Aquis, especially at meetings,’’ he said.

"I’ve got my own personal views on it but that won’t be brought into the equation.

"People can have their say on it, we’ll take the issues up if they arise. I know Pam’s been very outspoken while she’s been in the chair, and that’s her prerogative.

"But my view is it’s not my place as president to do that sort of thing, to show favour in any way or the other."

A survey, commissioned by Aquis in August, showed that more than 1200 Cairns residents overwhelmingly supported the mega-resort at Yorkeys Knob.

The ReachTEL poll showed 67.2 per cent supported the project (51 per cent cent strongly supported it) while 20.7 per cent were opposed (13.6 per cent strongly opposed).

Of those surveyed, 1.2 per cent had never heard of the project, while 10.9 per cent remained neutral.

Mr Neall, who runs the online blog Cairnsview and Videonews, said the Yorkeys Knob community remained divided about the project.

"There’s some for it and there are a lot of people against it,’’ he said.

"We’ve just got to wait and see what the Co-ordinator General says about it."