RAJ REPORT

Will Aquis be competition for the Brisbane Casino—–Questions over Brisvegas casino tendering——-Cheng Yu Tung and Stanley Ho have been business associates for more than 30 years. Cheng Yu Tung acquired a 10 per cent stake in STDM, the Macau group which operates about half of the legal casinos in Macau, in 1982 and still holds this stake today. A company owned by Mr Cheng’s family also recently spent $1 billion to buy the largest casino junket operator in Macau.

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Section 20 of the Queensland Casino Control Act requires the Minister to have comprehensive investigations conducted into applicants for casino licences in the State of Queensland.

Section 20(1)(f) requires the Minister to ensure that: “None of them (applicants and associates) has any business association with any person, body or associate who or that, in the opinion of the Governor in Council, after investigation made or caused to be made by the Minister is not of good repute having regard to character, honesty and integrity or has undesirable or unsatisfactory financial resources.”

A simple Google search will throw up stories showing how Cheng Yu Tung and Stanley Ho have been business associates for more than 30 years. Cheng Yu Tung acquired a 10 per cent stake in STDM, the Macau group which operates about half of the legal casinos in Macau, in 1982 and still holds this stake today.

A company owned by Mr Cheng’s family also recently spent $1 billion to buy the largest casino junket operator in Macau.

Read more: http://www.smh.com.au/business/questions-over-brisvegas-casino-tendering-20140824-107s2j.html#ixzz3H0s1p0nM

 

 

 

Questions over Brisvegas casino tendering.

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