Casino Canberra under new ownership

Going from a $240 million dollar Reef Hotel Casino in Cairns to a $6 million dollar Casino in Canberra has to be a joke especially when they (government) plan to reduce poker machines in 2015 under new legislation.

How can anyone show a profit in 12 months when the Canberra Casino was not very profitable and not only that if the new licence holder (fungs) think that investors will put up $8.5 billion dollars for the Aquis casino then somebody is having themselves on.
After the Deputy Premiers statement during a media interview recently he stated that the Gold Coast and Far North Queensland licences are doubtful.
The failure of the Fungs to attend 3 "FORMAL" meetings and failing to complete the required probity requirements the licence for Cairns should not be granted, in fact the application should be cancelled.
Will the Queensland Government have the "balls" to stand up to these people and say NO, the residents of Cairns are getting sick'n'tired of all the garbage being spruked about Aquis.
A pipe dream gone wrong.

Link to the story below: http://the-riotact.com/casino-canberra-under-new-ownership/139134

•23 December 2014


Canberra Casino

Minister for Racing and Gaming Joy Burch today announced the transfer of ownership for Casino Canberra from Casinos Austria International Limited to Aquis Canberra Pty Ltd.

“The decision to approve the transfer of licence was not taken lightly,” Ms Burch said.

“It follows an extensive probity investigation undertaken by the Gambling and Racing Commission, in consultation with the Queensland Office of Liquor and Gaming Regulation.

“The investigation did not reveal any findings that would prevent the transfer from occurring and the new owner, Hong Kong businessman Tony Fung, has clearly demonstrated his delight at the opportunity to invest in Canberra.

“The sale is a clear demonstration of the interest being shown by overseas investors in Canberra. It is a vote of support for our economy and indeed the Canberra community.

Tony & Justin Fung

“Preliminary discussions have already taken place at a high level on how Mr Fung and the Aquis Group can become an important element in the success of the Canberra economy.

“Aquis Canberra Pty Ltd will provide a voluntary contribution to the Problem Gambling Assistance Fund to assist with research, self-help and promote education within the community to assist alleviate and prevent harm from problem gambling.”

The transfer of the licence to Aquis Canberra Pty Ltd does not change the current restrictions on the operation of electronic gaming machines by the casino.
Community clubs remain the only operators of Class C electronic gaming machines in the ACT, with Class B machines being phased out.

Legislation to be introduced into the Legislative Assembly early in 2015 will also see the biggest reduction in electronic gaming machines since self-government.

Merry Christmas everyone

                      

Co-Ordinator General passes the EIS BUT..................

The Co-Ordinator General has "ticked off" the EIS for Aquis and the Deputy Premier is crying tears of joy and had this to say:

Deputy Premier Seeney

Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney welcomed the approval and said the government remained committed to seeing the development go ahead.
“The Queensland Government continues to work with Aquis to make this exciting proposal a reality and today’s approval of the project’s EIS is another step in that process,” he said.
“This proposed resort has the potential to create more than 20,000 new jobs for the Cairns region and provide a major boost for North Queensland and the state’s tourism and construction industry.

This fellow has been pushing this project even though there were investigations going on and he should have been sitting in the corner and keeping quiet but no, not good old Jeff and why is he so keen to have project proceed even though the Commissioner David Ford has said there a some serious concerns yet Seeney continues the push, why hasn't the Premier told him to keep quiet until all investigations are complete.

The EIS can be viewed at this link:  http://www.dsdip.qld.gov.au/  the EIS also contains some conditions that need to be adhered to.
Again I don't believe Tony Fung is really interested in this project now as the probity delves deeper into his past, again the comments by the High Court judge in the Hong Kong High Court stated:

These comments should be ringing alarm bells in the pollies heads but no, not even Cairns Councillors can see that, GOOGLE the web before it's too late and you pay for it at the polls.
It has been said that the Deputy Premier said on TV last night "that there are casinos (not known) that are looking at licences and that the Gold Coast and Far North Queensland are very doubtful in getting a licence".
I personally don't have a problem with progress but this project is outrageous to the extreme and now that the Federal Government have trade agreement with China they will allow Chinese workers in especially to work on Chinese project.
Don't worry about the 417 regulation that can be changed at the stroke of a pen especially now China has the trade agreement.
I say let's get Australian projects going and employ Australian workers and keep the money within
Australia.
Wouldn't that be great.

Christmas is a family day to enjoy by all -- Great Song

Delays, but Aquis still best option for Cairns - GET REAL IT'S DEAD AND BURIED

As reported in the Cairns Post ****

Friday December 5, 2014.

 

**** QUEENSLAND Deputy Premier Jeff Seeney is determined that the proposed $8.15 billion Aquis integrated resort will succeed.

 

Deputy Premier:Jeff Seeney

When is this bloke going to get real?

After the Fung's failing to attend 3 "FORMAL" meetings, failing to complete the probity requirements how can anyone in their right mind continue to say that this mega structure will succeed when the investigations are still on going?

Then the cheek of the man (Fung) offering to fly some members of the probity to Hong Kong to discuss the probity matters, what's wrong with our country Mr Fung.

This politician needs to keep his nose out of this project until the probity investigations are complete, his continual push for this structure makes one ask questions as to why Jeff Seeney?

Tony Fung has let the Reef Casino/Hotel go for an el cheapo casino in Canberra for $6 million, going from the good to the bad.

The Deputy Premier really needs to read the newspaper articles and the comments on Aquis to find out the resident's feelings, a lot of them supported Aquis but after the Fung's tantrums on demands and virtual blackmails people have turned their backs on the project and rightly so.

It was never going to happen complete pie in the sky.

 

 

 

 

Another story.

Is this how our pollies work:

 

http://www.abc.net.au/news/2014-12-04/seeney-law-change-caught-own-officials-off-guard/5935504

 

Aquis – A Fantasy Laid Bare

The Fungs attempt to purchase the Cairns Reef Casino Trust (RCT) collapsed due to non-fulfilment of 13 unmet probity conditions by the 28 November deadline as well as Aquis’s inability to convince 90% of the RCT unit holders to sell their shares. So they moved on to Plan B, and have just bought the unprofitable Canberra Casino for $6m on the understanding that probity approvals from the ACT will be obtained by Christmas – but it is not in the bag yet.  These are intriguing developments as the Aquis saga concludes its second year in the public gaze.

It is worth remembering that not so long ago Tony Fung had convinced local business people, politicians and media that he could go it alone and raise the $8.15 billion for the Yorkeys Knob development without any other Queensland based leverage. Jetting in rich Chinese entrepreneurs was supposed to demonstrate his credentials. However, the investors showed no interest. Fung’s desire had always been to get a casino licence above all else and the $260 million purchase of the RCT became the pathway by which Aquis would be able to gain credibility in the gaming arena and, hopefully, then raise funds on the Hong Kong stock exchange for Aquis in 2016.

Tied to the RCT bid and hiding under the radar for most was Aquis’s agreement to buy the Canberra Casino. Both are owned by Casinos Austria which has been desperate to offload its loss-making and ageing property in the ACT for some time. The ACT does not permit poker machines and this has had a substantial impact on its ability to make money.

The ACT’s Gambling and Racing Commission (GRC) and Queensland’s Office of Liquor and Gaming Regulation (OLGR) were supposed to be working together on Tony Fung’s probity requirements. However, it has now become clear that Fung gave up on trying to meet the stringent conditions for the RCT, failing with 13 of them and not even bothering to turn up to three crucial meetings. Suddenly, the purchase cost of the Canberra Casino dropped from $9m to $6m and the GRC appears to have caved in on the probity issue. After all, $6m is a little different from $260m!

How the emperor’s clothes have been exposed! It is difficult to imagine how a failing, minor casino with low visitation in the ACT can act as leverage for a future Aquis development at Yorkeys Knob. By extending the purchase option for the 340 hectare site until 2021, Tony Fung has not done the Cairns community any favours. Few believe that the Aquis development will go ahead but it will continue to hang around like a bad smell and poison the potential of this town for as long as fanciful groupthink, promulgated by mainstream vested interests, continues to be the order of the day.

For example, every time Mayor Manning is asked about new developments for the city, the response is always "lets wait and see what happens with Aquis". In desperation he and other pro-Aquis groups even flew to Hong Kong, (at whose expense?), on a so-called rescue mission! Cairns can’t afford to wait any longer. Aquis is over. Fung’s open letter to the Cairns community was really a thank you and goodbye. Now let’s continue building a sustainable future for our city, one that retains its unique natural attractions.

Denis Walls
Spokesperson
Aquis Aware Coalition of Concerned Citizens

Let's get the story right

The Courier-mail dated November 24, 2014 carried the following story:

Newman Government red tape holding up Cairns’ next big tourist attraction

Not so the Government have kept arms length while the probity has been in progress and of recent times so have the locals members here in Cairns.
The Liquor and Gaming Commission had a job to do and that's exactly what they have done and it would appear as we have said before they may have come across something of concern and with the Queensland, Federal Police along with FBI carrying investigations we will have to wait to see what the outcome is.

Tony & Justin Fung

The total blame is pointed at the Fungs' and so it should be as they haven't completed the application  requirements nor have they attended the last 3 "FORMAL" meetings and any person wanting a licence to run a business would put all efforts into attending all meetings and completing the requirements.
To cry "foul" stating that the government is taking to long, in fact Tony Fung reportedly said it's taken 12 months when in fact the probity didn't start till March this year according to the Commissioner David Ford.
There is a concern that neither Tony or Justin Fung have hadlittle or if any experience of running or managing a casino or resort.
During a High Court case in 2004 the presiding judge stated in his report that Mr Fung and his partner were "EVASIVE & HIDING THE TRUTH" and they were required to pay millions of dollars.
The court transcript is available for perusal by googling the net and also statements made by Justin Fung and David Ford READ HERE: http://www.cairnsvideonews.com/2014/11/justin-fung-admits-that-13-out-15.html