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Queensland issuing new gaming licenses

Queensland considers issuing new gaming licenses

Written By Carla Harris

Gold Caost Australia

If you live in Queensland, you might already be familiar with the plan to build so-called “integrated resorts,” which will include large gambling venues and tourist offerings. However, both the $8 billion Aquis Resort and the $7.5 billion Gold Coast Broadwater development are under fire by the government for failing to live up to agreed-upon “probity and government requirements.”

As it currently stands, the Queensland government has issued three gaming licenses to integrated resort projects. However, if the ASF Consortium (owner of the Gold Coast Broadwater development) and Tony Fung (owner of the Aquis Resort project) fail to live up to their ends of the agreement, it is expected that the Queensland government will go back to the open market, where the remaining contenders will have the opportunity to bid on new gaming licenses.

Deputy Premier Jeff Seeney gave the strongest evidence that the government is open to issuing new licenses when he said, “If one or more than one of those proposals [don’t meet] the criteria, then it is likely that the government would go back to the market.”

Terry Agnew, chief executive of Tower Holdings, has a plan to open a $2 billion integrated resort called Great Keppel Island, which already has all of the approvals and requirements that Aquis Resort and Gold Coast Broadwater are currently lacking. Both Agnew and Tower Holdings would love nothing more than to see new gaming licenses issued, as they would likely be at the top of a very short list of replacement project proposals.

It is still too early to know whether the incumbent projects will be able to get their ducks in a row and build their resorts. One way or another, gamblers in Queensland will (eventually) have some new, beautiful places where they can play.

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