The Australian Competition and Consumer’s commission (ACCC) has weighed-in to the issue of two casino licenses being granted to Honk Kong billionaire Tony Fung.

Tony Fung. photo:

Tony Fung. photo:

Mr Fung wishes to buy Reef Hotel Casino in Cairns to revamp, remodel, and rejuvenate the the gambling and tourist spot. However, he also wishes to build a six- star monolith casino, on the scale of those found in Las Vegas, a mere 15 kilometres north of Cairns at Yorkey’s Knob.

One person controlling the only two casinos for thousands of kilometres will definitely have issues of competition. “The ACCC is concerned that the proposed acquisition has the potential to deprive customers of the benefits of competition between these casinos,” Rod Sims, chairman of the ACCC, said today.

Development for the new casino is still in pre-planning phase. It still faces a number of planning and environmental hurdles before the go-ahead is given. A decision is not expected until early next year.

The ACCC has made their concerns known to the Liberal National Party who will ultimately decide whether Mr Fung’s casinos are in the best interests of the Far North Queensland economy and people.

Aquis, Mr Fung’s property development company seeking to develop the two casinos, has also proposed buying Canberra Casino. The current owner of Canberra Casino is also one of the largest shareholders of Reef Casino

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