Business Spectator – Chinese billionaire Tony Fung is one step closer to building a $4.2 billion mega-resort and casino in far north Queensland.
Queensland’s Coordinator-General Barry Broe released a report outlining what must be covered in the development’s Environmental Impact Statement (EIS).
Public consultation on the draft report attracted about 56 submissions, with residents flagging flooding, water quality, drainage, water and sewerage utilities and road infrastructure as critical issues.
If approved, the resort would be one of the largest tourism ventures in the state and pump $2.8 billion into the economy each year once completed.
The 340-hectare resort and casino at Yorkeys Knob, a northern seaside suburb of Cairns, includes nine luxury hotels and a casino.
There will also be a 18-hole golf course, a 25,000-seat stadium and a cultural heritage centre.
Mr Fung has said he won’t be asking the state government to contribute funds to the project.
“I only seek investment certainty from an approval process,” he said in his submission.
He said the resort would rival great man-made structures in Dubai and Singapore and attract big spenders from China.
Mr Fung claimed construction wouldn’t impact the nearby Great Barrier Reef.
But environmental groups disagree, saying the scale of the mega-project would impact the coastal environment.
