QLD Government backflips on Gold Coast casino
Chinese-backed casino proponent ASF could explore its legal options, including potential compensation from Queensland taxpayers, after Premier Annastacia Palaszczuk cancelled the developer’s $3 billion project on the northern Gold Coast.
Four years after it won preferred proponent status with the Queensland government to negotiate a casino licence on the Gold Coast, Palaszczuk on Tuesday announced it would “terminate the ASF proposal for The Spit” and undertake a master-planning process for the region.
The announcement surprised the local business community but was praised by environmentalists, the Anglican Church and local group Save Our Spit.
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Palaszczuk says she wants the area’s “unique environment” preserved for future generations as a parkland instead of “building high-rise buildings on this island that would involve something of an eyesore”. The decision is a major backflip after the crown land site was initially proposed and set aside by the Palaszczuk government for ASF.
ASX-listed ASF Group on Tuesday requested its shares be placed in a trading halt.
Palaszczuk acknowledged possible compensation for ASF — a company backed by major Chinese developers including state-owned enterprise China State Construction Engineering Corporation — would be discussed following the decision.
That casino licence will remain on the Gold Coast but there will be no integrated resort development here on The Spit
“I don’t have those details, that’s a matter that will be discussed with crown law but we have made this decision,” she says. “I honestly believe we made the right decision. We have listened.”
A process deed agreement signed with the government in 2015 granted the company legal rights as the exclusive preferred proponent for the integrated resort and casino.
A second casino licence for the Gold Coast — central to the ASF project — will remain on offer.
It is understood global gambling giant Caesars Entertainment, which last month signed an agreement with ASF to possibly become the casino operator for the project, remains interested in gaining an Australian foothold.
A three-storey height limit across the region will remain in place, which will affect business and development plans for landholders including Village Roadshow’s SeaWorld, developer Sunland and major gaming company The Star.
Palaszczuk on Tuesday took cabinet and senior bureaucrats to “govern from the Gold Coast”.
With an election due early next year, Labor is hoping the decision will win votes on the Liberal National Party-dominated Gold Coast, and win broader influence for its green credentials.
“That casino licence will remain on the Gold Coast but there will be no integrated resort development here on The Spit,” Palaszczuk says.
Gold Coast Mayor Tom Tate did not comment on the ASF decision but wants proposed public parkland on The Spit to proceed.
This article originally appeared on www.theaustralian.com.au/property.
