Hong Kong-based brokers question how Aquis at Cairns will be funded
Full story at: Hong Kong-based brokers question how Aquis at Cairns will be funded
This statement by the broker backs up the concerns of the probity Commissioner David Ford who further outlined his concerns:
“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".
Tony Fung bought the Canberra Casino for $6 million dollars and now has stated that he intends to spend another $40 million dollars to upgrade the casino which does not have poker machines and the local government has legislation being presented early 2015 to further decrease the poker machines in Canberra....: http://www.canberratimes.com.au/act-news/calls-for-pokies-as-casino-cuts-jobs-hours-20131031-2wm3w.html so what is his financial gain to be of any benefit for him and would any major investor in Hong Kong jump up and down to give any funds based on the low rated Canberra Casino he intends to list on the Hong Kong stock exchange.
Again he (fung) failed to complete the Probity requirements and failed to turn up to 3 "FORMAL" meetings so why should he be given a gaming licence.
Mr Fung walked away and has failed the residents of Cairns and now without a word even to the media the Aquis Facebook has been shutdown, Aquis office have closed and it's been reported that his luxury suite has also been vacated.
To all those who were shouted a free round trip Macau you were really taken for a ride and everyone notices that some of these people are still crying out for Aquis to go ahead but they seem to be doing very little for the local businesses which are the most important to Cairns.
The Probity Commissioner should say thanks but no thanks.
The former Mayor of Cairns stated the following in a recent interview:
What is your outlook for Cairns?
KB: I’m always hopeful because that’s the optimist in me. The realist in me also says that we’re still struggling.
“We appear to have put all our eggs in the basket of foreign Chinese investment.”
KB: Whilst we can absorb this investment, and as a community we are good at accepting of it, we still need to be careful. It appears to be an “Aquis or bust” mentality here. Whilst it appears to be a huge project, I personally don’t believe that it’s going to occur on the scale that has been promoted. Nor do I believe it will occur in the timeframe promoted. I hope I am proven wrong. The numbers that we’re talking about are mind-boggling, and to me the logic is not stacking up when I do the sums.
KB: Wiser heads than mine in the community are already asking questions about whether this is in fact achievable in the time frame, or are we being duped? I am noting a word of caution here. As a community we need to have a plan B and a plan C. But I don’t see a plan B or a plan C. I just see plan A.
Full interview here: http://www.cairnslifemag.com.au/cover/kevin-byrne-on-life-family-and-economics/
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