Thursday, July 9, 2015

Getting no where so lets bring in a "big gun"


Tony Fung has announced the appointment of Aaron Gomes to it's consultancy team to help with the bid for Aquis mega resort in Yorkeys Knob.
Aaron Gomes
Gomes was a former director of Gold Coasts Jupiter Casino and also has experience in the US and will see him working alongside Justin Fung.

Also Ken Chapman from Cairns Skyrail has been appointed to the board of directors.
It would appear the Fungs haven't achieved their requirements with the previous LNP and now Labor governments so bringing in these two business people they would be hoping to get what they want.
Interesting comment in the Cairns Post Thursday July 9, 2015:
AQUIS has added a former director of Gold Coast’s Jupiters Casino to its consultancy team as its bid to build a $8.15 billion Aquis mega-resort and casino at Yorkeys Knob remains pending. 
Original design of Aquis


In the past Tony Fung failed to attend "3 Formal Meeting" and failed to complete 12 of the 15 requirements during the probity requirements so will the addition of these two players make any difference? I doubt it.
The Commissioner dealing with this matter has outlined his concerns previously.
The other big concern now is the downfall of the Chinese economy with loss of 4 trillion dollars in the last few days, the Chinese government "propped up" the finance situation but it still continues to decline which is bad news for investors and possibly for other countries who have dealings with China.
Financial experts have stated that the China problem is worst than the Greece problem.
Tony Fung also has some problems read here: http://www.news.com.au/finance/real-estate/win-some-lose-some-for-hong-kong-billionaire-investor-tony-fung/story-fndbalka-1227433654578
It has been 3 years since the Aquis saga surfaced and nothing has been achieved except for the Federal Government giving the site enviromental approval for an extended time.
Will this bring any financial benefits to Cairns and the answer is probably NO as this is a private business and all money will be sent out of the country probably to China.
As far as employment goes the Chinese workers will get the greater percentage of jobs and especially with a trade agreement signed recently between the Australian Federal Government and the Chinese government Tony Abbott will not upset the Chinese in anyway and with a stroke of the pen the visa requirements will change.
 Tony Fung you have found your niche on the Gold Coast so build there and forget Cairns
Do we really want this monstrosity in Far North Queensland? some local pollies and councillors would say yes  but reading comments in the Cairns Post people who were for it are now saying "take your so called money and fung off" people are sick'n'tired of all the talk and it would appear that it's not going to happen.
Justin & Tony Fung
So let's get on with being a tourist destination which we are good at and forget the gamble aspect, if what has been said by the casino CEO on the Gold Coast that he doesn't believe that the Gold Coast is not big enough for two casinos so how can Cairns support two casinos when our population is only around 160,000.
It is also very interesting to read that not long after Tony Fung announced the purchase of the Gold Coast Sheraton Mirage that Jetstar announced that they were intending to operate direct flights from the Gold Coast to China and vice versa.
The increase of Chinese visitors to Cairns hasn't increased that much from the late 90's to 2015.
 http://www.cairnsvideonews.com/2015/06/gold-coast-sheraton-mirage-to-be-sold.html
http://www.cairnsvideonews.com/2015/06/justin-fung-interview.html
 


John McKenzie talking to Mark Mathews, CEO of Advance Cairns who doesn't sound really convinced that this project will go ahead:


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