Chinese tycoon proposes $3.8 billion casino resort in Australia

2 August 2013

Reuters reports that Chinese tycoon Tony Fung has proposed to build a A$4.2 billion ($3.75 billion) casino and resort project in Australia's Cairns city, close to the world-heritage Great Barrier Reef, a move set to accelerate competition in the country's gambling and tourism market.

According to the Reuters report, the proposed casino will target wealthy Chinese tourists and operate 750 tables and 1,500 machines, which is slightly bigger than Australian billionaire James Packer's Crown Entertainment Complex in Melbourne.

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