Pic. Supplied Source: The Cairns Pos
We (as property people) have been watching this development with interest for several months, now.
For anyone who doesn't know Yorkeys Knob, it's a relatively quiet seaside town just to the north of Cairns, with a charming yacht club that has idyllic views from its deck out to the north west, and a decent sized marina. Not quite your sleepy hollow but not far from it.
To the east are the beautiful cays of the Barrier Reef.
This guy Tony Fung is planning one of the largest developments of any kind that Australia has ever seen, let alone Queensland where resort developments are pretty commonplace.
The locals are gearing up for the fight, and the Fung family appears to have the heavyweight pollies in their corner ..should be interesting!!
This article is from today's Cairns Post
- NICK DALTON - BUSINESS EDITOR
- THE CAIRNS POST
- FEBRUARY 26, 2014 7:19AM
The news comes after Premier Campbell Newman paved the way for an earlier starting date for the project, saying the State Government was prepared to negotiate on splitting the Reef Hotel Casino licence to cover the Aquis development.
An Aquis spokesman said if negotiations over the Reef Hotel Casino licence were successful, construction could start later this year.
AQUIS BACKERS WANT TO MAKE REEF WORLD CLASS
REEF HOTEL AND CASINO TRUST HALTS TRADING
AQUIS STILL HAS FULL BACKING
If that is not allowed, the current integrated resort development process and separate gaming licence application means the project would start in May next year.
On Monday the Fung family behind the mega-resort started the formal $269 million takeover of the Reef Casino Trust which holds the only casino licence in Cairns and its casino and five-star hotel property.
The Fungs also are applying for a separate second licence.
The Fungs had hoped that the acquisition of the trust would allow it to use the licence to operate a casino as part of the multi-billion dollar development but the Government had not made it clear what restrictions applied to the Reef licence.
Yesterday Mr Newman said he was prepared to discuss splitting or transferring the licence from the CBD to Yorkeys Knob to "fast-track" the project.
Aquis chief executive Justin Fung told The Cairns Post the new move would now allow development of the project "as quickly as possible".
"We welcome Mr Newman's comments about the prospect of splitting the Reef casino licence to allow Aquis at Yorkeys Knob to be potentially developed as quickly as possible," he said.\
"We have been waiting for the acquisition of the Reef casino to develop to such a stage where Aquis can make such an application to the Queensland Government.
"We will now proceed with the application."
Aquis had hoped to begin in July this year but pushed it back 12 months to July next year after the integrated resort development process had set an early 2015 date for the granting of a casino licence.
An Aquis spokesman said Aquis would begin talks with the government over the Reef licence "immediately" while continuing the integrated resort development process "until the satellite licence situation becomes more certain."
"Our priority is securing a licence to operate at Yorkeys Knob as quickly as possible,"he said.
"The Environmental Impact Statement is progressing and will be lodged once there is more clarity around a casino licence ...
"Construction timetables and the full economic benefit of Aquis are entirely dependent on the Queensland Government issuing an appropriate casino licence but the earliest construction can start is May 2015."
A BET BOTH WAYS
AQUIS BACKERS BID FOR TWO CASINOS
ON HOLD: AQUIS
MEET THE FUNGS
CITY BUSINESSES COUNT THEMSELVES IN FOR AQUIS
BATTLE LINES DRAWN OVER AQUIS
CRITICS TAKE ON AQUIS
HUNDREDS AT ANTI-AQUIS MEETING
CAIRNS COULD BE CHINA'S FORTUNE COOKIE
DEVELOPERS PREPARE TO HAND OVER EIS
AQUIS PROPOSED FOUR-LANE ROAD
AQUIS OUT TO EASE PUBLIC CONCERN
AQUIS LOOKS TO 2014 START DATE FOR CASINO
CAIRNS COUNCIL TO SPEND $524K ON OUTSIDE HELP FOR CASINO
NEW CASINOS TOUTED TO LINE STATE COFFERS