Has Tony Fung at last found his NICHE? the Gold Coast

Tony Fung

Over the past month Tony Fung's name seems to pop up with new purchases especially on the Gold Coast.
Prior to that he purchased the Canberra Casino for $6 million dollars with no poker machines only card tables and expected at that time to raise finance on the Hong Kong stock exchange to build Aquis but now that seems to have faded into the sunset.
Instead Tony Fung is going to use a "back door" to list them on the Australian Stock exchange,
This is what was stated of his intentions:
 He is using the Namibian oil and gas explorer Discovery Resources to join the market in a backdoor listing.

Already listed, Discovery will change its name to Aquis Entertainment after all its shares go to Mr Fung.

It's interesting to note that Jetstar recently announced that they were commencing "direct flights" between China and the Gold Coast and one has to ask has this got anything to do with Tony Fung recent purchases on the Gold Coast, very convenient.

These are some of the purchases made by Mr Fung:

 

(1). Canberra Casino

(2). a development site at Robina on the Gold Coast for $45 million.

(3). another property at 109 The Esplanade, Surfers Paradise, for about $55 million.

(4). a penthouse in Surfers Paradise for $7 million.

(5). Nathan Tinkler's Patinack Farms for about $15.8 million.

(6). Sheraton Mirage on the Gold Coast for $160 million dollars.

Sheraton Mirage on the Gold Coast

all these purchases would indicate that the Fung's have intentions of making the Gold Coast their headquarters and the Yorkeys Knob Aquis Casino Resort will not go ahead.... we can only pray that it won't proceed because that type of mega structure does not fit in with the life style of the Northern Beaches and Cairns.

One has to agree that he would be better of building a casino there as the majority of Chinese go to the major cities especially since the Federal government increased the quotas into major city airports especially the Chinese.

The updated Aquis for Yorkeys Knob.

Cairns doesn't have the population like the Gold Coast nor the infrastructure to support a mega structure like Aquis let alone plans that include eight hotels, two casinos, high-end retail, a convention centre, two theatres and an 18-hole golf course.

A casino on the Gold Coast had this to say:

Rival casino operator Echo Entertainment, which runs Jupiter’s Casino at Broadbeach, said the Chinese-backed private banker was clearly "making a play" to develop a second casino on the coast.
"But it begs the question: Is this city big enough for two casinos? Unless he has big plans to bring in thousands of VIP high rollers the slice of the gaming pie in this town is not enough to justify it,’’ one insider said.
We must remember that it was Tony Fung who failed with the purchase of the Reef Hotel/Casino NOT THE LNP. Tony Fung failed to attend 3 formal meetings and failed to complete the probity requirements