Monday, October 19, 2015

Upgrade, downgrade where is it going?

Since the announcement of Aquis being built at Yorkeys Knob a number things have changed and it seems never ending.
Looking back on the Aquis saga:
In August 2012 it was announced that a mega resort was to built at Yorkeys Knob 15kms north of Cairns at a cost of $4.2 billion dollars.

Aerial view original design
Original design
                  

Also with the original design it was stated that the Cook Highway would be upgraded, Yorkeys Road would also be upgraded up to the 60kph sign entering Yorkeys along with those promises it was also stated that a road would be built to the Caravonica roundabout with an "over pass" being built all pad for by Aquis.
However a person within the DMR stated that this probably would never happen and that suggestion faded into the sunset.
To be included in the design was a Water Park, Sports Stadium etc but later with another design being put forward these items were deleted.
Upgraded in design
In 2014 an upgrade of the Aquis design was released at a cost of $8.5 billion dollars which really was mind boggling and a lot of locals could see jobs jobs jobs which in reality was a dream because to build something like this they would have to bring in overseas contractors with the experience in building a mega structure of this magnitude.

A design like this wouldn't compliment Yorkeys Knob and vice versa nor would it compliment Cairns and vice versa.
The original proposal to upgrade the roads during the building of Aquis suddenly went by the wayside when the new design was announced with a statement being issued that they "may assist" with upgrades but not a firm commitment.
Tony Fung also wanted to purchase the Cairns Reef Casino and was part of the process with the state government but things weren't progressing the way it was supposed to.
During the process with the state government cracks started to appear with the process being delayed not by the government but due to Tony Fung failing to attend 3 formal meeting and not completing the probity.
He then walked away from the Cairns Casino purchase.
Canberra Casino
Then on December 23, 2014 it was announced in the Sydney Morning Herald that Tony Fung had purchased the Canberra Casino for $6 million dollars which didn't have any poker machines and the original owners had been trying to sell the casino with no luck until Tony Fung came along.
There was of course a purpose in the purchase and that was to float the casino on the Hong Kong stock exchange 12 months after the purchase to raise funds for Yorkeys project.
The the game changed yet again with the Canberra Casino was put on the Australian Stock exchange:
http://www.cairnsvideonews.com/2015/08/gold-coast-investor-tony-fung-floats.html
What the Sheraton Mirage would look kike
Then May 6, 2015 another announcement: http://www.cairnsvideonews.com/2015/06/gold-coast-sheraton-mirage-to-be-sold.html that the Fungs were in the process of purchasing the Gold Coast Sheraton Mirage for $160 million dollars.
It was stated: The Hong Kong billionaires behind Australia's largest casino proposal, Aquis, believe Queensland's Gold Coast could become a destination for big-spending overseas gamblers.
It comes as the Fung family secured the exclusive negotiation rights to purchase the five-star Sheraton Mirage resort, which has been on the market since last year.
Along with the purchase of the Sheraton Mirage Tony Fung also announced a $300 million dollar upgrade to the Canberra Casino.
Then on October 16, 2015 Aquis wants to scale back the $8.5 billion plans for Cairns Mega Casino and is in talks with the state government.
One has to ask why does the government keep these negotiations on going when he walked away from the Cairns Reef Casino, just give him a licence for the Sheraton and then the people of Cairns can get on with their lives.
A business partner of Tony Fung had this to say:
David Chu, Fung’s partner in another project in Brisbane, told the news outlet the tycoon’s decision to scale back could help him gain the needed approval to start building the colossal resort in 2017.
“It is a huge project. Some might say too big for Cairns,” Chu said, according to the report.
 http://calvinayre.com/2015/10/16/casino/aquis-wants-to-scale-back-8b-plans-for-cairns-mega-casino-resort/
 Tony Fung is now facing another dilemma:

Meanwhile, Fung’s other property—the Canberra Casino—is facing trouble over poker machines.
Clubs ACT, the approved provider of poker machines in Canberra, has lobbied the government to reject an application for the use of the machines in the casino, Canberra Times reported.
Aquis Entertainment, which recently purchased the Canberra Casino, is planning a $330 million revamp for the property. But the proposal hinges on whether poker machines—currently allowed only for not-for-profit operators—will be allowed inside the casino.
According to the report, Chief Minister Andrew Barr is open to end the ban on the machines at casinos, but Clubs ACT Chief Executive Jeff House believes allowing the machines at the Canberra Casino is going to be “a clear and unequivocal breach of faith.”
The casino applied for 500 poker machines in a bid to makeover the tired property, the news outlet said. Canberra Casino hopes to attract an estimated 750,000 visitors each year.
It's about time that the Queensland government says "enough is enough".

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