Hong Kong billionaire Tony Fung eyeing off ASF’s casino licence in hopes of Surfers project

WITH a casino on the Spit dead in the water, an international billionaire has swooped in and is in the box seat to snag the licence and build his own in the heart of Surfers Paradise. This is what he’s planning.

Echo Entertainment CEO Matt Bekier at Treasury Casino. Pic Mark Calleja

HONG KONG billionaire Tony Fung is emerging as a potential big winner from the axing of ASF’s $3 billion Spit project which frees up a second casino licence.

Major Gold Coast investor Mr Fung and his Aquis Australia was part of a consortium which last year paid $40 million for an 11,600 square metre Surfers Paradise site.

WHERE THE NEW CASINO WILL BE BUILT

Tony Fung Picture: Richard Gosling

It borders Gold Coast Highway and Cypress Avenue, and while no plans have been unveiled for it sources close to the deal say it was bought for “landbanking” on the belief the casino licence destined for The Spit project would become available.

Mr Fung strongly believed ASF’s project would fail to proceed making his site — home to the Vomitron ride attraction — more attractive for a potential casino resort development, sources say.

HOW ASF DECISION WILL COST US MILLIONS

The Vomitron site was bought last year Pic: Adam Ward

“They acquired the site on the assumption ASF would fall over — either it would fall over because ASF would run out of patience or the State Government would pull the rug out from under them,” the source said.

WHY SPIT POLL RESULTS WERE IGNORED

“It’s why Tony Fung bought the Vomitron site last year — he has landbanked that waiting for the ASF deal to fall over.”

ASF was State Government’s preferred Integrated Resort Development proponent but Premier Annastacia Palaszczuk sensationally terminated the five-tower project earlier this week.

Aquis is set to build the Pacific Point apartment complex in Main Beach.

It is unclear if Mr Fung and his Surfers site partners — who ironically include ASF partner China Communications Construction Company — are interested in applying for the casino licence themselves.

Cruise ship terminal gallery

VIEW GALLERY

But a source said: “His expectation is the site is what is valuable for someone to put a proposal forward to develop.

“The goal is someone like Caesars Entertainment offers him a big fat cheque for the site so he can focus on another project.”

The development was unveiled in late 2016.

Mr Fung had spent months with an option on the Sheraton Mirage site but decided it was too “political and difficult and bureaucratic”, a source said.

Because of that experience, a source said: “He realised there was always going to be a second licence available.”

HOW THE SPIT COULD HAVE LOOKED

But the source added Mr Fung was not keen to repeat his experience at Yorkeys Knob, Cairns, where he first withdrew a casino from a major resort proposal before later shelving the plans altogether.

The $3 billion project which will never be: ASF’s proposed development.

Separately, Mr Fung and Aquis have plans for a $440 million six-star hotel on prime Surfers Paradise beachfront land it wholly owns on the Esplanade.

The existing 14-storey Pacific Point apartment complex is to be demolished for a 48-storey tower with 580 hotel rooms, premier dining and entertainment options.

It has no integrated resort or casino aspect.

Caesars president of international development Steven Tight revealed to the Bulletin five weeks ago the global casino entertainment giant was doing an internal study on whether the Gold Coast market could sustain another “large-scale integrated resort”.

ASF’s proposed development was set to be the city’s biggest development.

He visited in mid-June, meeting with Gold Coast Tourism chairman Paul Donovan and State Government development officials.

Mr Tight declined to comment on the Labor State Government’s termination of the ASF project, calling it an “interesting development”.

“Let’s see how this all evolves,” Mr Tight said this week.

Casino running

The Labor State Government’s termination of ASF’s $3 billion integrated resort at The Spit has freed up the city’s second casino licence.

Potential site frontrunners for another casino are:

— AU building, Southport, where ASF have approval for a 66-level superpower;

— Star of the Sea site, Southport, where owner China-based Huixin Real Estate Group wants a partner to build;

— Vomitron site, Surfers Paradise, which Tony Fung’s Aquis Australia, China Communications Construction Company and Tandella Group paid $40m for last year.