Aquis boss Tony Fung buys Sheraton Mirage on Gold Coast for $160m

Billionaire Tony Fung has bought the Sheraton Mirage on the Gold Coast for $160 million and plans to turn it into a luxury casino resort.

The Hong Kong gaming tycoon’s latest acquisition takes his spending spree on the glitter strip to $280 million.

The Aquis Entertainment boss has revealed his vision to develop the five-star beachfront Sheraton Mirage and Marina Mirage into an integrated casino resort precinct.

“The Gold Coast is one of those rare destinations that enjoys instant recognition throughout Asia,’’ Mr Fung said. “But it has yet to reach its full potential.”

Industry sources confirmed contracts had been exchanged for the Sheraton Mirage with a $160 million price tag.

His venture hinges on a new casino licence agreement and probity approvals in ongoing closed-door negotiations with the Queensland Government.

This includes his $8.15 billion Aquis Great Barrier Reef casino resort project in Cairns – and now the Gold Coast.

Rival casino operator Echo Entertainment, which runs Jupiter’s Casino at Broadbeach, said the Chinese-backed private banker was clearly “making a play” to develop a second casino on the coast.

“But it begs the question: Is this city big enough for two casinos? Unless he has big plans to bring in thousands of VIP high rollers the slice of the gaming pie in this town is not enough to justify it,’’ one insider said.

Mr Fung, worth an estimated $6 billion, plans to pitch Queensland as a tourism and education destination for China’s uber-rich.

Source: The Courier Mail     Peter Michael    May 6th 2015