Hong Kong tycoon Tony Fung’s Australia casino plans thrown into doubt

Hong Kong property developer Tony Fung Wing-cheung's plans to take over Australia's Reef Casino Trust are in doubt after the Queensland government said it was not possible to complete a regulatory review before the offer expired.

It expires on Friday and was unlikely to be extended, Fung's Aquis Casino Acquisitions said in a statement yesterday.

Shares in Reef Casino Trust, which owns the only casinos in the Australian city of Cairns near the Great Barrier Reef, fell as much as 35 per cent on the news to their lowest level in a year at A$2.60 (HK$17.44), before recovering to close at A$2.77, down 30.9 per cent.

The deal would have given Aquis two casinos in Cairns for Fung's US$8 billion Aquis Resort development.

"Completing the RCT takeover offer [this year] was always important to Aquis' overall financial and investment plans," it said. "In this respect, Aquis will be undertaking a strategic review of its plans and development timetable over the coming months."

The proposed acquisition had been approved by the Australian Competition and Consumer Commission and the Foreign Investment Review Board.