Tony Fung to build US$3.75 billion casino in Australia

Casino will target wealthy Chinese tourists.

The Chinese tycoon is the billionaire son of one of the founders of Hong Kong conglomerate Sun Hung Kai & Co. Ltd. Fung proposes to build his casino and resort project in Cairns City in Queensland, northern Australia.

The Queensland state government said Fung’s casino proposal was declared a “coordinated project” on August 1, the first step in the government’s approval process. Fung will next have to prepare an environmental impact statement.

The integrated resort 13 kilometers north of Cairns will include an international class casino, one of the world’s largest aquariums and a 25,000-seat sports stadium. The casino will target wealthy Chinese tourists and operate 750 tables and 1,500 machines.

Australia has been building large casino resorts and other tourism attractions to lure high-end Asian spenders to compete with places like Macau and the Philippines.

Fung, a Hong Kong based private investment banker and investor, has homes in Queensland. His private businesses include a cattle farm and wagyu beef breeding business and a sugar cane plantation.