Hong Kong billionaire eyes ASF license

Hong Kong billionaire Tony Fung may win out after the Queensland government rejected a planned $3 billion project from the ASF Consortium last week.

According to the Gold Coast Bulletin, Fung bought a 11,600 square meter plot of land in Surfers Paradise last year for $40 million in the expectation that the ASF project would not proceed.

The land is close to the Vomitron ride attraction.

The newspaper points out that it is currently unclear whether Fung wants to bid for the license himself, or whether he expects another potential casino investor to buy the land bank.

ASF first planned to build a resort on Wavebreak Island, but that was nixed on environmental concerns. It then proposed a scaled down version on the Southport Spit, but after public consultation, the government also rejected that plan with concerns over the environment once again cited as the reason.

Fung’s Aquis Group had originally planned a more than $8 billion resort near Cairns, raising concern about the ability of the region to sustain such a large-scale project. That has since also been abandoned.