RAJ CAIRNS REPORT


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Will Labor and Greens be held accountable for Aquis not proceeding—-In addition, discussions with the Queensland Police Service and through them with international policing agencies, to finalise consideration of the reputation and criminal history of Aquis and its associates are yet to be finalised.—-Statement regarding Aquis from Mr David Ford, Commissioner for Liquor and Gaming:


Statement regarding Aquis from Mr David Ford, Commissioner for Liquor and Gaming:

I have noted the comments in media articles regarding the probity investigation currently being undertaken by the Office of Liquor and Gaming Regulation (OLGR) into Aquis Casino Acquisitions Pty Ltd (Aquis), and its associates, regarding the proposed purchase of the Reef Hotel Casino in Cairns. It is essential that the importance and process of this investigation is properly understood.

This investigation is being conducted in accordance with well established and internationally recognised principles and its proper completion is a critical underpinning of the strength and reputation of the casino regulatory environment in this state. This has been a key requirement in the Queensland casino legislation since the Casino Control Act was passed in 1982.

The OLGR probity investigation into Aquis commenced on 5 March 2014 after receiving a formal request to do so, and certainly not the 12 months ago quoted in media articles.

Given that these matters are by their very nature complex and intrusive, the length of any investigation is critically dependant on the availability of information and the cooperativeness of the applicant. Although significant progress has been made in the investigation, important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis.

In addition, discussions with the Queensland Police Service and through them with international policing agencies, to finalise consideration of the reputation and criminal history of Aquis and its associates are yet to be finalised.

On 12 September Aquis formally advised that they had set the date, 28 November for the matter to be finalised. They were made aware of the difficulties this date would impose on the probity process and the very real risk that the process, and the necessary government approvals, would not be able to be completed by this date.

The nature of casinos has made them targets for organised crime, both in their ownership and as a means of laundering ill-gotten gains. While this has never been an issue in Queensland it is important that the regulatory processes work to eliminate these risks as far as is possible.

Casino approval processes in Queensland are also subject to scrutiny by regulatory agencies throughout the world. A failure to adequately undertake probity investigations will reflect not only on the Queensland regulatory framework, but on the casino operators already licensed within this state, with potential consequences for them in other jurisdictions and in the eyes of their shareholders.

Obviously, there are a number of factors which affect the length of probity processes including whether the applicant has been similarly licensed elsewhere, their corporate structure and source of funds. I would note that Aquis has had little corporate history in Australia, has not been similarly licensed elsewhere and is sourcing a significant proportion of its funds from offshore.

The OLGR is well aware of the need for a timely response in a commercial transaction such as this and will continue to engage with Aquis to finalise the matter as quickly as possible.


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Who will History hold responsible for the failure of AQUIS not proceeding————-Given that these matters are by their very nature complex and intrusive, the length of any investigation is critically dependant on the availability of information and the cooperativeness of the applicant. Although significant progress has been made in the investigation, important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis.–Statement regarding Aquis from Mr David Ford, Commissioner for Liquor and Gaming:


Statement regarding Aquis from Mr David Ford, Commissioner for Liquor and Gaming:

I have noted the comments in media articles regarding the probity investigation currently being undertaken by the Office of Liquor and Gaming Regulation (OLGR) into Aquis Casino Acquisitions Pty Ltd (Aquis), and its associates, regarding the proposed purchase of the Reef Hotel Casino in Cairns. It is essential that the importance and process of this investigation is properly understood.

This investigation is being conducted in accordance with well established and internationally recognised principles and its proper completion is a critical underpinning of the strength and reputation of the casino regulatory environment in this state. This has been a key requirement in the Queensland casino legislation since the Casino Control Act was passed in 1982.

The OLGR probity investigation into Aquis commenced on 5 March 2014 after receiving a formal request to do so, and certainly not the 12 months ago quoted in media articles.

Given that these matters are by their very nature complex and intrusive, the length of any investigation is critically dependant on the availability of information and the cooperativeness of the applicant. Although significant progress has been made in the investigation, important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis.

In addition, discussions with the Queensland Police Service and through them with international policing agencies, to finalise consideration of the reputation and criminal history of Aquis and its associates are yet to be finalised.

On 12 September Aquis formally advised that they had set the date, 28 November for the matter to be finalised. They were made aware of the difficulties this date would impose on the probity process and the very real risk that the process, and the necessary government approvals, would not be able to be completed by this date.

The nature of casinos has made them targets for organised crime, both in their ownership and as a means of laundering ill-gotten gains. While this has never been an issue in Queensland it is important that the regulatory processes work to eliminate these risks as far as is possible.

Casino approval processes in Queensland are also subject to scrutiny by regulatory agencies throughout the world. A failure to adequately undertake probity investigations will reflect not only on the Queensland regulatory framework, but on the casino operators already licensed within this state, with potential consequences for them in other jurisdictions and in the eyes of their shareholders.

Obviously, there are a number of factors which affect the length of probity processes including whether the applicant has been similarly licensed elsewhere, their corporate structure and source of funds. I would note that Aquis has had little corporate history in Australia, has not been similarly licensed elsewhere and is sourcing a significant proportion of its funds from offshore.

The OLGR is well aware of the need for a timely response in a commercial transaction such as this and will continue to engage with Aquis to finalise the matter as quickly as possible


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The End of a Dream for Cairns —Aquis will not happen soon , Brisbane CASINO is first—————Obviously, there are a number of factors which affect the length of probity processes including whether the applicant has been similarly licensed elsewhere, their corporate structure and source of funds. I would note that Aquis has had little corporate history in Australia, has not been similarly licensed elsewhere and is sourcing a significant proportion of its funds from offshore.——Statement regarding Aquis from Mr David Ford, Commissioner for Liquor and Gaming:


Statement regarding Aquis from Mr David Ford, Commissioner for Liquor and Gaming:

I have noted the comments in media articles regarding the probity investigation currently being undertaken by the Office of Liquor and Gaming Regulation (OLGR) into Aquis Casino Acquisitions Pty Ltd (Aquis), and its associates, regarding the proposed purchase of the Reef Hotel Casino in Cairns. It is essential that the importance and process of this investigation is properly understood.

This investigation is being conducted in accordance with well established and internationally recognised principles and its proper completion is a critical underpinning of the strength and reputation of the casino regulatory environment in this state. This has been a key requirement in the Queensland casino legislation since the Casino Control Act was passed in 1982.

The OLGR probity investigation into Aquis commenced on 5 March 2014 after receiving a formal request to do so, and certainly not the 12 months ago quoted in media articles.

Given that these matters are by their very nature complex and intrusive, the length of any investigation is critically dependant on the availability of information and the cooperativeness of the applicant. Although significant progress has been made in the investigation, important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis.

In addition, discussions with the Queensland Police Service and through them with international policing agencies, to finalise consideration of the reputation and criminal history of Aquis and its associates are yet to be finalised.

On 12 September Aquis formally advised that they had set the date, 28 November for the matter to be finalised. They were made aware of the difficulties this date would impose on the probity process and the very real risk that the process, and the necessary government approvals, would not be able to be completed by this date.

The nature of casinos has made them targets for organised crime, both in their ownership and as a means of laundering ill-gotten gains. While this has never been an issue in Queensland it is important that the regulatory processes work to eliminate these risks as far as is possible.

Casino approval processes in Queensland are also subject to scrutiny by regulatory agencies throughout the world. A failure to adequately undertake probity investigations will reflect not only on the Queensland regulatory framework, but on the casino operators already licensed within this state, with potential consequences for them in other jurisdictions and in the eyes of their shareholders.

Obviously, there are a number of factors which affect the length of probity processes including whether the applicant has been similarly licensed elsewhere, their corporate structure and source of funds. I would note that Aquis has had little corporate history in Australia, has not been similarly licensed elsewhere and is sourcing a significant proportion of its funds from offshore.

The OLGR is well aware of the need for a timely response in a commercial transaction such as this and will continue to engage with Aquis to finalise the matter as quickly as possible.


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Which Hong Kong Billionaire will win the QUEENSLAND CASINO WAR—–Billionaire Cheng’s Company to Buy Macau Junket Operator – Bloomberg—————“Buying into an existing junket operator is probably the easiest way to participate in Macau’s casino boom,” Grant Govertsen, an analyst at Union Gaming Group, said by phone today. “Macau’s government is unlikely to give out more casino licenses, but the city’s tremendous growth in casino business is largely driven by the mainland VIPs brought by the junkets.”


 

“Buying into an existing junket operator is probably the easiest way to participate in Macau’s casino boom,” Grant Govertsen, an analyst at Union Gaming Group, said by phone today. “Macau’s government is unlikely to give out more casino licenses, but the city’s tremendous growth in casino business is largely driven by the mainland VIPs brought by the junkets.”

Cheng owns a 10 percent stake in closely held Sociedade de Turismo & Diversoes de Macau SA (STDM), founded by his longtime friend Stanley Ho. Cheng bought the stake from Ho’s former business partner in 1982. The 10 percent stake in STDM gives him control of 293 million shares of SJM Holdings Ltd. (880), Asia’s largest casino operator by revenue.

 

 

 

Billionaire Cheng’s Company to Buy Macau Junket Operator – Bloomberg.


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AMAZING—-Another Hong Kong billionaire coming to run Casinos in Queensland——–Cheng Yu-Tung Net Worth – TheRichest————Cheng Yu-Tung is a Hong Kong billionaire with an estimated net worth of $16 billion as of March 2013 according to Forbes. In the Hong Kong’s “50 Richest” list of billionaires,


 

 

Cheng Yu-Tung is a Hong Kong billionaire with an estimated net worth of $16 billion as of March 2013 according to Forbes. In the Hong Kong’s “50 Richest” list of billionaires, he is the fourth richest person and is ranked 44th in the list of World Billionaires. Born on August 26, 1925 in Shunde, Guangdong, Republic of China, he has extensive dealings and real estate interests both in Hong Kong and Macau.

 

Cheng Yu-Tung Net Worth – TheRichest.


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Aquis will have competition if Cheng Yu-tung wins Brisbane Casino licence ——— Macau Casino Boom Lures Hong Kong Billionaire Clan To Ante Up Anew


 

International Entertainment, 75% controlled by the family of Hong Kong billionaire Cheng Yu-tung, said last night it will pay as much as HK$7.35 billion, or almost $950 million, for a 70% stake in gambling-junket operator Sun City Gaming Promotion. (Click here for details.)  Shares in Hong Kong-traded International Entertainment lost 1.6% today after the news, though are up eight-fold in the past year.

Cheng, who already has a minority stake in Hong Kong-listed casino operatorSJM Holdings ,  ranked No. 5 on our list yesterday with estimated wealth of $15.5 billion. (Click here to view the list.)

 

 

Macau Casino Boom Lures Hong Kong Billionaire Clan To Ante Up Anew.

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