ACCC won't oppose Fung's casino buy

ACCC won't oppose Fung's casino buy

By Dow Jones newswires

The watchdog's commissioner, Jill Walker, said that there was likely to be limited crossover between the two operations because the proposed resort would focus on attracting overseas VIP customers while the existing casino caters mainly to local residents and domestic tourists making relatively low-stake bets. "The resort, if developed, would be of a scale that is unprecedented in Australia," Ms. Walker said. "The total expenditure required to develop the first stage alone would be over $5bn.

The Australian Competition and Consumer Commission had earlier expressed concern over the deal, as Mr Fung is seeking separate approvals to build a $8. 15 billion resort that will feature 7,500 hotel rooms, gambling facilities, a convention centre, an artificial lake and a golf course.

Read more here: Business Spectator


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