Aquis integrated resort plans for Cairns in doubt

Plans by Aquis Casino Acquisitions for an $8.15 billion integrated resort north of Cairns have been thrown into doubt after the group failed to seal a separate $276 million deal to take over Reef Casino Trust.

Aquis said that while it’s committed to its investment in Queensland, the takeover of RCT had always been an essential part of its plan for the integrated resort at Yorkeys Knob.

Last month Aquis Chairman Tony Fung said the acquisition would allow the company to start working immediately to attract visitors from Asia and develop the business.

At the time Fung explained “from a business perspective, it would be impossible to start from scratch."

In a regulatory filing, the company said it plans to undertake a strategic review of its strategic plans and development timetable over the coming months.

The RCT deal lapsed mainly because the company was unable to seal the necessary regulatory approvals within the given timeframe.

It said that should the Queensland Office of Liquor and Gaming Regulation finish its probity reviews in the short term it may be willing to renegotiate a takeover of RCT in 2015.

Meanwhile, the group plans to list Casino Canberra on the Hong Kong Stock Exchange. The group pushed ahead with plans to buy the casino in the national capital for $6 million, a $3 million discount to the original price, despite the purchase being contingent on the RCT transaction.

22nd August 2014 - ACCC WON’T OPPOSE AQUIS’ CASINO PLAN