Casino developer Aquis Group joins Chinese companies to buy prime block in Surfers Paradise for $40m

A MASSIVE development on prime land in Surfers Paradise could jeopardise the future of notorious rides Vomitron and Bungee Rocket.

Vomitron Ride Gold Coast nights THE SPIRIT OF QUEENSLAND Armanda Hayden, [e-mail], 0416923220, 14F/33 Thornton Street Surfers Paradise QLD 4217

HONG Kong businessman Tony Fung may not have given up his quest to build a Gold Coast casino, signing a $40 million contract with a consortium of Chinese companies on a full block of prime Surfers Paradise land.

The Gold Coast Bulletin understands the deal was struck for the 11,800sqm site, which is currently occupied by the Vomitron and Bungee Rocket, and is owned by Japanese company Orix.

Thrillseekers aboard the Bungee Rocket.

The land is near the International Beach resort which Mr Fung also contracted to buy last year.

Aquis is understood to have formed a consortium with Chinese developer Tandellen and CCCC International Holding Limited (CCCCI), the government-owned company which recently bought construction giant John Holland.

CCCCI is itself owned by China Communications Construction Company Limited which is part of the ASF Consortium – the first in line for a casino licence on the Gold Coast.

Mr Fung, whose company pulled out of a deal to buy the Sheraton Mirage at Christmas, has made no secret of his desire to expand his casino portfolio on the Coast.

Hong Kong businessman Tony Fung. Picture: Regi Varghese

He owns the Canberra Casino and is proponent of Queensland’s other multi billion-dollar integrated resort development, at Yorkey’s Knob near Cairns.

The deal came the same day State Development Minister Anthony Lynham told Parliament the process for approving integrated resort developments which include casino licences would change “if one of two existing regional development proposals did not proceed”.

Aboard the bungee rocket.

“If one, or both, of the current regional IRD proposals do not go ahead, the government may go back to the market to seek expressions of interest for the available regional licences,” he said, outlining new conditions the proposals would have to satisfy under the new policy.

A spokeswoman from his office last night said the policy would not affect ASF’s proposal near the Southport Yacht Club at Main Beach.

Lloyd Scroope and Keith Cocks from Yass get ready to launch.

A spokesman for Aquis said the company could not comment on the Orix site but that the company was “looking to progress a number of opportunities on the Gold Coast following the withdrawal from the Sheraton acquisition”.

“Mr Fung remains a strong believer in the future potential of the Gold Coast and its capacity to grow as an international destination,” he said.