An application to build a $4.2 billion mega-resort and casino in far north Queensland has been approved by The Foreign Investment Review Board.
Aquis, a Chinese owner property developer, has been given the go-ahead to purchase 340 hectares of land at Yorkeys Knob near Cairns.
The development includes nine luxury hotels, an 18-hole golf course, a 25,000 seat stadium and a cultural heritage centre.
Aquis CEO Justin Fung said the company will take full ownership of the land once plans for the project are approved and a casino licence secured. The company has also applied for one of two new regional Queensland casino licences on offer by the state government.
According to a statement released by AAP, “Locals have raised concerns the project won’t withstand a cyclone, will increase problem gambling, may damage the Great Barrier Reef and could hurt the region’s nature-based tourism industry.
“Those in favour of the resort say it will bring much-needed jobs to the region and boost tourism.
“Aquis owner Hong Kong-based billionaire Tony Fung has said the resort would rival great man-made structures seen in Dubai and Singapore and would attract big spenders from China.”