Hong Kong billionaire Tony Fung has one more hurdle in his bid to own a Cairns’ casino after the Foreign Investment Review Board gave him the green light.
The Foreign Investment Review Board (FIRB) has approved a Hong Kong billionaire’s bid to own a casino in far north Queensland.
Tony Fung wants to buy the Reef Hotel Casino in Cairns, and Reef Casino Trust said on Friday the FIRB had no objections to a takeover by Mr Fung’s company, Aquis Casino Acquisitions.
“This approval now means all necessary approvals have been obtained from the federal government authorities,” Reef Casino Trust said in a statement.
The final hurdle is approval from the Queensland government’s Office of Liquor and Gaming Regulation.
Mr Fung also wants to build a six-star casino and resort just 15 kilometres north of Cairns at Yorkey’s Knob.
After initial concerns about Mr Fung’s ownership of two casinos in the region, the competition watchdog recently said it was satisfied that would not amount to a monopoly of the market.
Aquis said its purchase of the Reef Hotel Casino was an important part in its development plan for the Aquis integrated resort at Yorkey’s Knob.
“The Reef will provide a strong branding and operational platform ahead of the planned opening of Aquis in 2019,” it said in a statement.