Hong Kong tycoon Tony Fung is reportedly moving ahead with his A$8.15bn Great Barrier Reef Resort in Australia without a casino in the first stage of development.
The move comes in order to get necessary approvals so construction can start next year. Keeping the casino in the $2bn first stage plan would have delayed the project, but Fung could still gain approval for the casino in a future stage of development.
Fung was set to announce in the next month a consortium with two Chinese development companies, Tandellen and CCC International, in order to finance the project. It is unclear whether the latest development affects the financing.
