Chinese Company Aquis Takes over Casinos in Canberra and Queensland

Billionaire Tony Fung will soon be the new owner of the Reef Casino in Queensland and Casino Canberra.

The Aquis Great Barrier Reef Resort Group is preparing to take over the only casino in Cairns, Queensland. According to local gambling news, the company paid $269 million to take over the Reef Hotel Casino, bringing it one step closer to completing its proposed $4.2 billion resort and casino in the Australian city.

Owned by Chinese billionaire Tony Fung, Aquis also has its eyes set on Casino Canberra and the management board has already discussed buying it from its current operator, Casinos Austria. The company is hoping that its recent acquisitions will help ease the process of obtaining a new casinos license under Australian gambling laws.

Mega-resort at Yorkeys Knob

The two acquisitions are just a stepping stone to a grander plan, as Aquis plans to build a mega-casino at Yorkeys Knob, located near Cairns. The 340-hectare Aquis Great Barrier Reef Resort would include nine luxury hotels, a 25,000-seat stadium for various events, a cultural heritage centre, as well as a golf course. The plan is to apply for an extended license for the current Reef Casino.

Aquis made sure it would not miss any opportunities to get an authorization to build a casino in Australia and the company also applied for one of the two new licenses offered by the state government in Queensland.

The takeover of the two casinos will not affect staff numbers.