Australia’s competition watchdog has raised concerns about the purchase of a Cairns resort by the backers of a controversial hotel and casino complex in the region.
The Australian Competition and Consumer Commission has released a statement highlighting potential competition concerns in regard to Aquis Reef Holdings’ purchase of the Reef Hotel Casino in Cairns. Should Aquis buy the business, as well as completing the building of its vast 340-hectare resort in nearby Yorkeys Knob, the only two casinos in the Cairns region would be owned by the same company.
“The proposed acquisition has the potential to reduce the number of casino owners in Cairns from two to one, removing potential competition between the Reef casino and the Aquis resort,” the watchdog’s chairman, Rod Sims, said. “The ACCC is concerned that the proposed acquisition has the potential to deprive customers of the benefits of competition between these casinos.”
