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
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