Tony Fung, a Hong Kong developer, is in a rush with his offer for the Cairns casino resort, but he is forced to wait because of the meeting with the Queensland gaming officials where he should provide some critical information. The offer for buying the Cairns casino is $260 m, but he could withdraw the generous offer because he will not be given an approval by the Office of Liquor and Gaming Regulations (OLGR).
Although Aquis is in the final stages for the deal, the OLGR states that this required information is really important and it remains outstanding. The official spokeswoman of the organization said that they will not make any compromises with the integrity of the process. And Aquis have not yet provided the key information about future cash flows and funding. At the same time, OLGR is making a small ‘investigation’, concerning Aquis` reputation by talking to international and local policing agencies. Such type of investigations could typically continue for more than a year, but according to the spokeswoman it all depends on the availability of the information and how much the applicant is willing to cooperate.
The reason that Aquis wanted to buy Cairns reef casino was that he planned to develop a new $8bn casino, located nearby the Yorkeys Knob. But the plan was not met so well by the environmentalists. They have warned that this will have a negative effect over the delicate ecosystem of the Barron river floodplains. And the Great Barrier Reef will also be polluted.
That is way, although Aquis is at the final negotiations for the casino, The OLGR warned Aquis that they need to take care of these outstanding matters and find a way to solve the problem before closing the deal. Aquis is still planning to be the main investor at the resort and continues seeking the OLGR`s approval.
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