Aussie casino regulators give Hong Kong billionaire green light

Australian Gambling – Hong Kong billionaire Tony Fung is one step in the direction of his dream of establishing Australia’s most lavish resort after winning approval to purchase a neighbouring casino.

The Australian Competition and Consumer Commission this week decided it might not oppose a planned $269 million takeover of the present Reef Hotel Casino in Cairns by Fung’s Aquis Group.

Aquis also plans to construct Australia’s biggest tourist attraction — Aquis Great Barrier Reef Resort — at Yorkeys Knob.

The incontrovertible fact that the 2 casinos are just 15km excluding one another initially drew concerns from the ACCC, but those fears has been allayed.

ACCC commissioner, Jill Walker, was confident that there has been prone to be limited crossover between the 2 operations, staring that the planned resort would attract international VIPs, while the prevailing Cairns casino would still target local residents and domestic tourists.

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