Hong Kong billionaire backs Cairns – expect confidence boost in Far North tourism sector

In fantastic news for Cairns, very recently reported by the Financial Review (Billionaire’s QLD casino plan gets speed-up):

Hong Kong billionaire Tony Fung’s $4.2 billion international casino and resort project in Cairns has been gazetted by the Queensland government, essentially speeding up the approval process the wealthy ­businessman has been chasing.

Information about the development is available at the State Development website:

Aquis Resort at the Great Barrier Reef Project

This is great news for Cairns residents who have experienced a relatively weak economy since the financial crisis, as a result of a construction slump and a drop in tourism related to the high Australian dollar.

While Cairns is currently recovering, so far it’s only a weak recovery, and I think Rick Carr from Herron Todd White Cairns expressed it nicely in his latest CairnsWatch report, noting “Cairns is continuing to muddle forward…” Hopefully this latest news, along with the downward trajectory of the Australian dollar, will boost confidence and promote further investment in the Far North Queensland tourism industry.

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2 Responses to Hong Kong billionaire backs Cairns – expect confidence boost in Far North tourism sector

  1. Katrina drake says:

    Not sure how a casino could ever be good news anywhere. Unless of course the locals only go there to dance, and leave the drinking and gambling to the international visitors. I suspect however, a large percentage of the money lost at the tables will be wages from the resources boom.

    That said I won 80euros on the Galway Guinness hurles today – so I am a happy tourist! Thanks to a hot tip from a Killarney taxi driver.

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