The Echo chairman queried the $8.15 billion Hong Kong billionaire Tony Fung plans to spend on a casino in Cairns.
Mr Fung early this week said he was shelving plans to build the resort, blaming probity delays and red tape, but days later said he still had hopes the Aquis takeover bid of Reef Casino Trust would go ahead.
Mr O’Neill believes the $8.15 billion price tag is too high.
“I thought it was curious than an investor would want to invest $8 billion in Cairns,” he said.
“It is not something Echo would do.
“Would you invest $1 billion? Maybe. For $8 billion, you’d need a lot of things to go right.