Chinese tycoon to bid for Australian casino business
SYDNEY (REUTERS) - Chinese tycoon Tony Fung has offered to pay A$214 million (S$249 million) to buy Reef Casino Trust, which owns the only casino in the Australian city of Cairns near the Great Barrier Reef, in a bid to enter the country's gambling and tourism market.
Shares in Reef Casino surged 42.6 per cent to six-year highs after the announcement.
Mr Fung, a billionaire son of one of the founders of Hong Kong conglomerate Sun Hung Kai & Co., has previously proposed a A$4.2 billion casino and resort project in Cairns, which has yet to get approval from the Queensland state government.
Reef was in discussion with Aquis Casino Acquisitions Pty Ltd, controlled by Mr Fung, after receiving a non-binding proposal to buy all the units at a cash price of A$4.354 per unit, the trust company said in a statement.