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    Treasurer, Minister for Employment and Industrial Relations and Minister for Aboriginal and Torres Strait Islander Partnerships
    The Honourable Curtis Pitt

    Aquis back into Integrated Resort Development process

    Treasurer, Minister for Employment and Industrial Relations and Minister for Aboriginal and Torres Strait Islander Partnerships
    The Honourable Curtis Pitt

    Saturday, September 19, 2015

    Aquis back into Integrated Resort Development process

    The team behind the Aquis Great Barrier Reef Resort project in Cairns have signed a Process Deed to re-enter the Integrated Resort Development (IRD) Process.

    Investor Tony Fung had withdrawn from the IRD process in February following stalled negotiations with the previous LNP Government.

    Today Treasurer Curtis Pitt welcomed Mr Fung’s renewed commitment as a vote of confidence in Queensland.

    “Following the election the Palaszczuk Government sought to engage in positive discussions with Mr Fung and we welcome his company’s commitment to re-entering the IRD process,” Mr Pitt said.

    “The IRD process is a rigorous way to protect the community’s interests and also evaluate Aquis’ credentials and financial capacity to deliver this project.”

    The proposed $8 billion Aquis development is planned to start with an initial $3.5 billion stage and once the resort is fully operational it could create up to 16,000 jobs.

    Mr Fung said Aquis was looking forward to working with the Government to deliver the project.

    “We remain committed to the Aquis Yorkeys Knob project as part of our overall strategic investment plans for Australia,” he said.

    Treasurer Curtis Pitt welcomed Mr Fung’s confidence in Queensland, having just returned to Australia after leading a two week international trade and investment roadshow through Asia, the United Kingdom and the USA.

    “International investors consistently told me they were aware of the fact that Queensland is forecast to have the strongest economic growth of any state in Australia and that they’re interested in opportunities here,” said Mr Pitt.

    “Our pro-jobs, pro-growth economic policies have delivered a welcome boost to business confidence and we expect our positive Budget initiatives and engagement with private sector investors will continue to deliver positive outcomes for North Queensland and the rest of the Queensland economy.”

    The government will issue Aquis with a Request for Detailed Proposal document in the near future.

    Once that is finalised Aquis will have 20 business days to accept the Request for Detailed Proposal document and execute an Acceptance Deed.

    The signing of the Acceptance Deed will commence probity processes, requiring Aquis to provide the information needed to allow the regulator to commence investigations as required under the Casino Control Act.

    The Queensland Government hopes to receive the Detailed Development Proposal in 2016.

    The Department of State Development and the Office of Liquor and Gaming Regulation will run concurrent, but separate assessment processes for development and for probity.

    With these processes now underway, no further comment will be provided by the State Government or Aquis until that is complete.

    All parties seeking Queensland casino licences have been made well aware of their need to meet and fulfil the requisite probity and financial requirements.

    The same processes applied to Echo Entertainment’s winning bid to develop the $2 billion Queens Wharf precinct and ASF Consortium’s proposal to develop a five hectare site on the Gold Coast Broadwater, both given the go-ahead in recent weeks by the Palaszczuk Government.

    The Coordinator-General gave conditional approval to the Aquis Environmental Impact Statement in December 2014.

    Aquis has also received environmental approval from the federal government, subject to 13 strict conditions.

     

    Media contact: 0419 945 546