Reef Hotel Casino to Be Taken Over By Fung

Chief Executive of Aquis, Justin Fung is all set to transform his acquisition, Reef Hotel Casino into what can be called a smaller version of Aquis. Both the companies are based in Cairns. With an investment of around $270 million, Fung has charted out his plan of going ahead with the redevelopment of the casino. Initially there were reports of the Australian Competition and Consumer Commission opposing the takeover, but the commission voted in its favour.

Reef Hotel Casino

Luxurious plans

Aquis is well-known for its premium service and luxurious ambiance. Fung intends on adding the same charm in the Reef Hotel Casino. The redevelopment will cost the company around $8 billion, most of which will be directed towards giving a rich grandeur to the casino. Fung said that he not just wants to take the luxury element in Aquis a few notches higher, but also make sure that people get to have fun there. He mentioned that the improvement process will begin once the company gets approval from certain departments including the Foreign Investment Review Board. He expects to get all the required approvals by the year-end and plans on starting the construction in 2015.

Attracting foreign visitors

By adding on the facilities provided at the casino and giving it a richer look, Fung aims to attract more foreign visitors to the place. Given the lump sum amount of investment, he will have to focus on VIP customers from overseas as only they will be able to help Reef in earning a high return. However, presently, most customers who make the rounds to the casino belong to the domestic non-VIP category. They tend to place their bets quite low as they cannot afford to take huge risks, unlike the high rollers.

The Chief Executive of Reef Hotel Casino, Allan Tan expressed his happiness over the ACCC’s ruling in favour of the takeover. He also added that he is confident about Aquis receiving acceptance from 90 percent of the unit holders. Following the ACCC’s ruling, the stock price of the casino has already gone up.

Author: Natasha