Cairns Mayor Bob Manning leads delegation to show support to Fungs over Aquis casino resort plan

Can anyone believe this, the Cairns Mayor leading a delegation to Hong Kong to talk to Tony & Justin Fung and tell them that they still support Aquis, what's wrong with Skype or the telephone Bob?. most companies if not all use Skype.
Why didn't Tony Fung wait before returning to Hong Kong and brief the appropriate bodies here and save our money being spent on a junket trip.
The others travelling are:
The delegation of Cr Manning, Cairns Chamber of Commerce chairman Ron Tong, Advance Cairns chairman Trent Twomey, Tourism Tropical North Queensland chief executive Alex de Waal and Cairns Airport’s Kevin Brown and Janice Antonson, will be briefed by the Fungs about a review of Aquis and meet interested investors, ­including an Asian businessman with substantial holdings in the region.
How much is this costing the rate payers? the whole thing is a farce especially when the Fungs were in the wrong in regards to the probity, they missed 3 "FORMAL" meetings and they failed to complete the requirements, in fact they only completed 3 out of 15 requirements.
The Mayor has said in the past the processes need to be completed without any interference but yet he wrote to the government probably a month ago outlining his disapproval of the way the procedure was being handled, not a good look for a Mayor.
If he had waited until the whole process had been completed then that would have been the time to express his disappointment.
The truth of the matter is that the Fung's failed in their duty of process and the Government agency was carrying out the investigations in professional way and had that not been the case and something went bad on the development everyone would have been up in arms.
It would appear that the investigations have come across some serious matters and this has caused the delay in procedures.
When you hear that the Queensland Police, the FBI and other law providers are carrying out investigations anyone would say "what is going on and what is the problem"
I hope that the council will provide information on the travel cost to the ratepayers when in fact that money could have been better used in this town.
The probity in Queensland and the ACT is still in progress so he (Fung) hasn't taken control of the Canberra Casino and maybe he wont.

Comments can be viewed here: https://www.facebook.com/TheCairnsPost?fref=nf

Going from bad to worse -- Casino Canberra chips away at staff and hours

Thu 31 Oct 2013, 2:07pm



Photo: The casino plans to make savings through voluntary redundancies

 Casino Canberra is cutting its staff and operating hours as it grapples with a fall in revenue.

The casino has blamed unfavourable economic conditions and its lack of poker machines for the decision.
Its marketing director Peter Cursley says the business is hoping to achieve savings through voluntary redundancies.
"We want the impact on staff to be as minimal as possible so we're negotiating and we're doing what we possibly can to do what we have to do but to make it as easy as possible on staff," he said.
He says the Casino has been going through a tough time for quite a while.
"It's just a struggle being so human resource heavy with table game operations to make a dollar," he said.
"What we're trying to do is sustain the business for the majority and if the economy picks up we're hopeful that things will change for us as well."
The casino has long argued it should be allowed to have gaming machines as part of its operations.
The ACT Government has ruled out allowing poker machines at the casino but they are available at community clubs.
Minister for Gaming Joy Burch says the government has a long standing policy on the location of poker machines.
"It has been a long held position, I think since gaming machines were introduced to the ACT," she said.
"That they sit with community club environments which includes a number of fabulous clubs here in the ACT that continue to support many in our community."
Mr Cursley says the casino will continue to lobby for the change because far fewer resources are required to run gaming machines.
"It is a little bit silly that a gambling operation is not allowed to have the most popular form of gambling in Australia," he said.

IS it time?

Original design

 

 

Latest Design



How long do we tolerate this never ending saga it's not going to happen and most people have come the realisation.

Tony Fung Pens open letter to Cairns -- Nothing but a PR exercise

As reported in the Cairns Post
Thursday 27 November, 2014

Tony Fung

AQUIS Group chairman Tony Fung has admitted that government approvals for his $8.15 billion project at Yorkeys Knob are taking far longer than he expected and will now require a comprehensive review that will require “difficult decisions”.
In an open letter he has described the failure to buy the Reef Hotel Casino in Cairns as a setback, with the offering lapsing tomorrow.
That was why he decided to buy the cheaper Casino Canberra for $6m so he could operate the venue for a full 12 months before listing Aquis on the Hong Kong Stock Exchange to raise funds for the project.

The letter reads:
“I would like to thank the community once again for the overwhelming support you have shown for my vision for the Aquis integrated resort at Yorkeys Knob.
The high level of support I and my team have received, both privately and publicly from individuals and organisations, has brought me tremendous satisfaction and galvanised my commitment to one day deliver Aquis for Cairns.
Like the vast majority of the community I believe Cairns can and should use its natural assets to have a vibrant, prosperous future as one of the world’s top holiday destinations. I believe Aquis can be the catalyst for this new future without compromising any of the things what we all love about the city.
Over recent months and weeks my team has been working across many fronts to bring our shared vision to reality.
As you can appreciate a project like Aquis requires extensive planning and investment as well as a range of necessary regulatory approvals. Due to its complexity this process will naturally involve achievements and setbacks.
As you may be aware I have elected not to extend my offer to acquire the Reef Casino and Hotel. While the main Reef offer is now likely to be unsuccessful I have elected to continue with the purchase of the Canberra Casino in the ACT as I have been assured that transaction will be able to be completed shortly.
Having ownership of a casino in Australia prior to 31 December, 2014, is a key part of our plan for the financing of Aquis at Yorkeys Knob and I am thankful for the cooperation of the owner Casinos Austria and the ACT regulatory authorities in facilitating this goal.
While we have been able to develop an alternative to full ownership of the Reef Hotel and Casino the failure of the offer will nevertheless require a comprehensive review of our strategy for Aquis and may require some difficult decisions about the project. While undertaking the review we will continue to push forward with a number of regulatory hurdles including finalising our Environmental Impact Statement (EIS).
It is also worth noting that we recently signed an extension of our option over the core site at Yorkeys Knob. The extension reflects our commitment to push ahead with Aquis but also acknowledges the increasing complexity and difficulty of the approvals process and the fact we may need some more time than first anticipated.
Despite the challenges of recent weeks I wanted to put on the record my continued personal commitment to the development of Aquis and my thanks for the overwhelming support for the project. Together, I still believe we can make this vision a reality.”


Admin Footnote:

How can one be assured that the transaction will be completed shortly when the probity has not been completed either in Queensland or the ACT  as the two offices are still talking top each other.
The whole saga as people are saying is totally laughable.

Another day same discussion - people must be getting sick'n'tired of this subject

Again today the question was asked "what is the latest with Aquis" who now really cares after what has come up in the last week.
How can anyone believe what the proposed developers of Aquis have to say, initially they were going to build and $4.5 billion resort/casino with the promises of upgrading roads especially from the Cpt Cook Highway to the resort extending to the 60kms sign entering Yorkeys and paying the upgrade costs.
The an overpass at Caravonica which was never going to happen according to a source from the DMR.
Then  the whole dynamics change the resort design changed and the cost rose to $8.5 billion with 2 casinos and the promise of thousands of visitors here each year... REALLY
Also the upgrade assistance went by the board so the residents would be left to pay for the road upgrades.
Then we had the threats of pulling out because the probity was taking too long, Mr Fung had said that it was 12 months since the application was forwarded to the government but then the Commissioner David Ford said NO NO NO it was only five months and that was the start of things to come.
Then we hear that only 3 out of the 15 requirements had been completed, on top of that the proponents had missed three "FORMAL" meetings and one would have to ask WHY?.
Now the Reef Casino/Hotel will gone by the wayside on Friday November 28, 2014 and the Fungs are now trying to purchase the Canberra Casino for a measly sum of $6 million which to any lay person would indicate a very low profit margin each year and then after 12 months put it on the Hong Kong stock exchange to raise money for Aquis.... a total pipe dream.
Let's be honest we are a tourist destination not a gambling city within excess of  1 million people we have approx. 160,000 residents.
The probity has not even been completed for either Cairns or the Canberra Casino so it may not even get the nod in either places.
When developers carry on like this the residents and the community as a whole lose faith and that's what is happening now, just read the comments on the Cairns Post stories of Aquis and you will find people who supported this development have now gone the other way.

Another day another move -- Tony Fung has extended his option to purchase the Yorkeys Knob site until 2021

Why would this man extend the option to purchase the land when he knows that Aquis is not likely to happen.

Magnificent scenery to be spoilt by an ugly casino/resort

Mr Fung signed a deal in 2012 with various dates 2013, 2014, 2015, 2016 and 2017, now these dates have been extended to 2018, 2019 and 2020.
Reading and listening to reports in the last couple days that the Canberra Casino had been purchase when in fact the probity has not been completed in either Queensland or the ATC in fact the two offices are talking with each other so it will be interesting to see what will eventually transpire.
The most important aspect of this saga is that the $240 million deal in Cairns is being "canned" with the potential of returning a handsome profit.
From this:

The Cairns Reef Casino

To this:

 

Then a decision was made to purchase the Canberra Casino for only $6 million dollars and at such a low purchase price the annual profit wouldn't be very high so who would even think of investing in a an $8 billion dollar venture.
His intention of course is to use the Canberra Casino to float Aquis on the Hong  Kong Stock Exchange if probity is passed in the ACT so that he gain finance to build Aquis.
The other question that hasn't been answered is why:

(1). why didn't the Fung's attend the 3 "formal" meetings

(2). why were only 3 items out of 15 completed as requested by the probity investigators.

There has to be something serious going on for the investigations taking so long and looking at the reports the investigation is being carried out thoroughly and in a professional manner but for some reason it appears that the Aquis body are not readily co-operating with the probity office - WHY?.
Cairns residents are entitled to know what's happening especially after the promise of the so-called jobs which by the way a majority of them would be given to Chinese people.
The whole saga is becoming boring and needs to be put to bed and say thank you Mr Fung but no thanks.
A final point to Deb Hancock the CEO of the Cairns Chamber of Commerce who stated in the Cairns Post Wednesday Nov 26, 2014:
Cairns Chamber of Commerce chief executive Deb Hancock said she was still hoping that the OLGR would “expeditiously resolve probity” by Friday.
She said the $20 million-$40 million upgrade of the casino would have been a welcome stimulus to the city’s economy.
“We are thankful the proponents remain committed to Aquis being delivered at Yorkeys Knob,” Ms Hancock said.
The CEO should be more concerned with our local businesses who are finding it hard  to make ends meet instead of pushing this Aquis deal.
It would appear that you are not concerned about the problems the probity investigation has put forward, yet you say "that we are thankful the proponents remain committed" or is this the way to say thank you Mr Fung for the trip to Macau.
Cairns businesses come first no matter what.

Listening to John McKenzie interview Michael Trout it was good to hear the Member for Barron River  state that he can't get involved while the process was on going and that's the way it should be.
Any politician making statements that it should go ahead and saying that we will make sure that it does go ahead is putting yourself in a position of residents saying "how much are you getting out of this".
After reading the latest reports on this saga who would want to get involved.

To boost GDP, China may be making a mortgage bomb

As reported in The Canberra Times

November 24, 2014.

 

http://www.canberratimes.com.au/business/china/to-boost-gdp-china-may-be-making-a-mortgage-bomb-20141124-11si4s.html

If ramped-up mortgage borrowing isn't accompanied by bold and steady progress in modernising the economy, China will merely be creating another giant asset bubble, says William Pesek. Photo: Bloomberg

The first Chinese interest-rate cut in more than two years is a stark recognition that the world's second-biggest economy is in trouble.

After years of piling ever more public debt onto the national balance sheet, it makes sense to have the People's Bank of China take the lead in propping up gross domestic product. Yet while Friday's benchmark rate cut should help stabilise growth, the move also adds to worries about looser credit that could pose risks to the global economy. Case in point: mortgages.


Earlier this year, Chinese officials took several stealthy steps aimed at stabilising the property sector and bolstering GDP growth. The China Banking Regulatory Commission loosened lending policies. Even before cutting the one-year lending rate to 5.6 per cent and the one-year deposit rate to 2.75 per cent Friday, the central bank had cut payment ratios and mortgage rates, while prodding loan officers to ease up on their reluctance to approve borrowers without local household registrations.

Pilot programs for mortgage-backed securities and real-estate investment trusts got more support. Incentives were rolled out to encourage high-end buyers to upgrade properties.

There's good news and bad in all this. The good: It marks progress for President Xi Jinping's efforts to recalibrate China's growth engines. In highly developed economies like the US., the quest for homeownership feeds myriad growth ecosystems and offers the masses ways to leverage their equity for other financial pursuits. And China's debt problems are in the public sphere, not among consumers. The bad: If ramped-up mortgage borrowing isn't accompanied by bold and steady progress in modernising the economy, China will merely be creating another giant asset bubble.

"Expanding the underdeveloped mortgage market is not bad news," says Diana Choyleva of Lombard Street Research. "But if China relies on household credit to power the economy and pulls back from much-needed financial reforms, the omens are not good."

Take the experience of South Korea after the 1997 Asian crisis. With regulatory tweaks and a variety of ill-fated incentives, Seoul effectively shifted the nation's debt burden from government to families. By the early 2000s, fresh headwinds were intensifying; in April 2004, one in 13 Koreans was three months or more behind on debt payments. Of Korea, Choyleva says, "all it has to show for its efforts are the mess left by a burst household-debt bubble and an economy even more dependent on exports."

For all the grand talk of reining in state-owned enterprises and the shadow banking system and tolerating a "new normal" of slowing growth, Beijing remains intent on getting as close as possible to this year's 7.5 per cent GDP growth target. With Moody's and S&P watching, and prominent economists like Larry Summers arguing that China could soon slow to 4 per cent growth, officialdom is looking for covert stabilisers. Among them: securitisation.

One of China's few reforms in the mid-2000s was securitisation of loans, which began with a trial program in 2005. Three years later, Wall Street's crash made the bundling and selling of loans and assets a pariah among financial instruments, and the experiment was shelved.

Since 2012, though, securitisation has not only returned but flourished. According to Choyleva, issuance reached $US28 billion in the first nine months of the year, compared with $US16 billion between 2005 and 2013. While most sales have been of auto, corporate and credit-card debt, those of mortgage-based securities are rising. In July, the Postal Savings Bank of China did the first residential mortgage-backed deal in seven years, and the markets are buzzing about more to come. These market rumours fit with the housing-as-stimulus narrative.

Risks abound, not least of which is the danger of helping lenders to hide dodgy investments off balance sheet. If transparency was a problem on Wall Street, imagine what state- coddled Chinese banks could hide. Also, to avoid Korea's missteps, China would have to complement this nascent mortgage boom with policies to redistribute income toward consumers. That means working to narrow the gap between rich and poor by increasing the average household's share of national income and curbing a savings rate that is reaching excessive proportions. While China has surpassed Japan in absolute GDP, its distribution of gross household disposable income in GDP terms is tiny by comparison.

There's much China could learn from Korea, including how to beat the "middle-income trap" that befalls many developing nations when they reach the $US10,000 per capita income level. Xi and his lieutenants, though, should pay just as much attention to the country's failures as its successes.

John McKenzie Talking with Bob Manning Cairns Mayor

Macca's on the phone gotta get this right

Justin Fung admits that 13 out 15 conditions not filled - WHY?

This saga is starting to sound and look like a thriller rather than a business deal and why didn't the Aquis people make sure that all the information was completed or was there another reason for it to be kept quiet.

Even people who supported this development are starting to ask questions like why take a plane load of journalists to Macau to look at other casinos when in fact all requirements had not been completed although Mr Fung was blaming the Liquor and Gaming Commissioner for taking so long.
In the Cairns Post Dated Monday November 24, 2014 he admitted the following:

Artist impression: Aquis Casino/Resort at Yorkeys nob

THE $8.15 billion Aquis integrated resort at Yorkeys Knob has been set back as a takeover bid by the Fung family for the Cairns Reef Hotel Casino seems doomed.

Aquis chief executive Justin Fung has admitted that 13 of 15 conditions — including probity — have not been met with just four days to go before the $276m offer lapses.
The state’s Office of Liquor and Gaming Regulation Commissioner David Ford has told the Fungs that probity investigations will not be completed by Friday’s deadline.

A number of concerns have been raised over time such as:

(1). “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".

(2). Important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis,’’.

(3). “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.

(4). “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.

(5). “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.

(6). Professor Nott said he was frustrated by the lack of data contained within the report which would have assisted him and his team to check and test all the revelant information within the report.

We could go on with various problems but the listing above gives you a fair idea of the problems that have arisen.

Statements have been made that Tony Fung has the money to build Aquis NOT TRUE:

"Justin Fung said: The Fung family had spoken to financial institutions about funding the resort and had NOT yet committed to any, he said".

As reported in the Cairns Post
24 November, 2014

Aquis developers to buy Canberra casino in separate deal to float $8.15bn project on Hong Kong Stock Exchange

AQUIS developers Tony and Justin Fung are buying Casino Canberra in a separate $6 million deal so it can raise the billions of dollars needed for the Yorkeys Knob project. The Fungs have virtually abandoned a $276 million takeover of the Reef Hotel Casino in Cairns after the Office of Liquor and Gaming Regulation indicated it could not complete probity investigations by Friday.
An Aquis spokesman said in light of the likely lapse of the Cairns casino offer, Casinos Austria and Aquis late yesterday agreed to amend the existing purchase agreement to allow the Fungs to buy Casino Canberra.
“This is subject to ACT gaming regulatory approvals being satisfied to allow for completion before Christmas,’' hd said.
The spokesman said the Fungs were confident of passing probity for the Canberra property.
“If the transaction is completed on schedule, Casino Canberra will provide Aquis with a vehicle that can be floated on the Hong Kong Stock Exchange in 2016 and facilitate the raising of debt and equity capital to fund Aquis at Yorkeys Knob,’’ he said.

Read the full story tomorrow in the Cairns Post.

Now we have the other side of the story

In the Cairns Post dated 24 October, 2014 Mr Fung had criticised the  government for taking too long with the probity and had this to say:

ANGRY: Tony Fung is threatening to axe the Aquis mega-resort unless his takeover bid for the Reef Hotel Casino (pictured) is completed by the end of November.

Mr Fung also made the following statement:

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.
People started questioning the delay but then on Saturday November 24, 2014 the other-side of the story appears:
Gaming regulator blames Fungs for Reef Hotel Casino Cairns probity hold ups

The story then goes on to say:

AQUIS boss Tony Fung has been blamed for holding up the probity investigation of the Reef Hotel Casino takeover by missing three formal interviews with Queensland gaming officials.

In a letter obtained by The Weekend Post, Liquor and Gaming Commissioner David Ford has told the Hong Kong billionaire that Justice and Attorney-General department executive director Michael Sarquis had written to Aquis setting out “in considerable detail the outstanding matters of which the Office of Liquor and Gaming Regulation is presently aware and the information which is required to resolve them”.
“Moreover, it stresses the importance of the three outstanding interviews that have recently been deferred at the request of Aquis.
"Only once these have been completed and any remaining issues arising from them resolved can the OLGR report be finalised and the request (for approval to acquire the casino) progressed.”
Mr Fung has warned that unless he receives probity clearance for the Reef casino by Friday next week he will “seriously reconsider” any further investment in the Yorkeys Knob project.
He said the casino takeover offer would lapse on November 28 if not all conditions, including probity clearance, were met.
The takeover is linked to his $8.15 billion Aquis integrated resort project. He wants to float both as one entity on the Hong Kong Stock Exchange in 2016 to raise capital for the resort, but needs a full 12-month trading period before listing.
In the letter, Mr Ford said the deadline had been “challenging for some time and is now logistically impossible”.
One has to ask if that if the application was carried out in a professional manner why would the Fung's miss or defer three interviews especially when they are hell bent on getting the probity approved.
What has the Commissioner found or come across that is so concerning and why did the Fung's miss or defer not one but three formal meetings.
The Liquor and Gaming Commissioner David Ford has a job to do and if it takes 12 months so be it and if something went wrong following approval the Commissioner would be howled down residents.
Finally, all MP especially local MP's should not be making any comment on this issue especially while there is an investigative process going on.
Threats do not achieve anything especially dealing with governments and their agencies.
It is also interesting to note that the story has been removed from the main Post web page http://www.cairnspost.com.au/
So it would appear the no one can post comments on this story very convenient.

Will it go ahead that is the 64 million dollar question, probably not.

UP COMING MEETING

 

 

 

Is this rumor true?

On talkback radio a caller stated that he had heard from a fairly reliable source that Aquis is about to fade into the sunset.
It probably doesn't surprise too many people as it would appear that Co-Ordinator General may have found problem within the EIS report.
I have said previously that I didn't believe that it would go ahead because of a couple things that have come forward.
(1). The probity has not been passed and the numbers required for the take over the Reef Hotel Casino has not been reached.
(2). Finance seems to be a real problem and we are talking about $8.5 billion dollars and it would appear that no financial institution has come forward to support the project.
(3). A reminder of what the Co-Ordinator General said in a earlier report:

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.

Also a reminder of what the outgoing Tourism Tropical North Queensland Deputy Chairman James Dixon had to say:

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.

So now we wait for the official word one way or the other.

Another bid -- this time the Pullman Cairns International Hotel

Tony Fung the developer of the slowly fading Aquis Casino Resort has put a bid in to purchase the Pullman Cairns International Hotel which is directly behind the Reef Casino Hotel and I have put a walkway in to give an idea how guest would access the Reef Casino.



Walkway from Pullman Cairns International hotel to the Reef Casino

 

JLL Hotels and Hospitality Group investment sales managing director Mark Durran said there had been strong interest from within Australia and overseas.

“The interest is from various parties, including a number of groups from Australia, China, Hong Kong, Singapore and Japan,’’ he said.

“The level of investment interest in Cairns has been very pleasing, as has been indicated by the campaign for the Pullman Cairns International Hotel and other marketing campaigns.’’

Mr Durran said that next week a shortlist would be drawn up, with a sale expected before Christmas.

As stated before purchase the Reef Hotel Casino and upgrade it and if successful with the Pullman Cairns International Hotel bid you have both buildings and saving yourself billions of dollars.

 

The Pullman Cairns International Hotel.  (front view)

Cairns lacks a number of things -- says Mr Flanagan

Pat Flanagan

In Saturdays Weekend Post Mr Flanagan (Flanagan's consultant) in response to  a suggestion that Aquis could be built in the CBD made the following  statement that Cairns lacked significant tourism infrastructure and the lodging, retail, food and beverage and entertainment sectors.
“There are no six or five-star hotels in Cairns or nearby,’’ he said in the report.
“There are very limited high-quality restaurants in Cairns, no regular shows or theatre productions in Cairns".
One can only reply by saying that Cairns is not a major city and people don't always want to come to go to shows or five or six star hotels, in fact is there any six star hotels in the world? people come to Cairns to see the reef, rainforest and to enjoy the relaxed atmosphere that Cairns offers.
To say that Cairns doesn't have the facilities for tourism is ludicrous, Cairns has a number of hotel and resorts that seem to satisfy the needs of the tourists that come here.
There are some that say that Cairns can be expensive but what is the cost going to be if Aquis does go ahead.
Also why hasn't the Chamber of Commerce spoken out about this claim by the consultant, I thought that they were there for the local business owners but it appears their not.
An interesting comment was that the present Chinese tourists enjoy going to the noodle bar at Woolworths so why pay big bucks to have a meal at Aquis?
As stated in an earlier report Aquis would have ALL the shops that is required to prevent tourists leaving the resort and spending money elsewhere unfortunately that's business tactics.
So for all the business people who think that they will get a windfall from Aquis it isn't going to happen.
In fact I doubt whether Aquis will go ahead and people really need to Google information and read what the Liquors Licencing Commissioner had said in the media.
What Mr Fung should seriously consider is upgrading the Reef Hotel Casino and forget all about Aquis and this would save him a heap of money.