HONG Kong billionaire Tony Fung has stepped up his plans for a $4.2 billion gambling resort in Cairns.
Tony Fung, a famous Chinese billionaire with interests in finance and land development, is set to become James Packer’s chief rival in the Australian casino industry. Mr Fung is from one of Asia’s wealthiest families, but he built a massive fortune after a downturn in that family’s fortunes.With decades as a developer, he hopes to create a Macau-style casino on the north shores of Australia.
Tony Fung hopes to build a casino three times as expensive as James Packer’s latest development in Sydney. If his plans come to fruition, he hopes to build a $4.2 billion casino complex called the “Aquis Great Barrier Reef Resort”.
The Chinese developer claims he will put to work 9,300 workers in the construction phase of the project, which should be complete in 2018. Once the casino opens, Mr Fung’s resort will employ a permanent staff of 10,000 employees.