Things may be changing at Canberra Casino.
Canberra could be set for a taste of the high rolling gambling experience with a Chinese billionaire making a move for the capital's casino.
The ACT's only casino has been in decline for years, with its operator recently announcing they were laying off staff and reducing opening hours and blaming a lack of poker machines for the venue's malaise.
But all that could be about to change with flamboyant Chinese billionaire Tony Fung making his move on Wednesday morning for Reef Casino in Cairns with the Canberra Casino to be thrown into the deal by owners Casinos Austria (AUSTRIA) International.
The proposal, lodged with corporate regulator ASIC on Wednesday morning, is closely related to Mr Fung's plans for an Asian-style mega-resort and casino near the north Queensland city which the banking and property tycoon has labelled a "man-made wonder."
It is unclear what plans Mr Fung has for Canberra's casino, but Casinos Austria may jump at the chance to dispose of an underperforming asset they say has been hamstrung by continued the refusal of the ACT Government to allow pokies to operate at the Civic venue.
Mr Fung's plans for the new resort near Cairns would dwarf anything seen in Australia's gambling sector before.
It includes nine luxury hotels, a sports stadium, and a luxury shopping complex.
There are plans for 3750 hotels rooms, 1200 apartments and 135 villas.
It also proposes a convention and exhibition centre, 2,500-seat theatre, 18-hole golf course, 13ha reef lagoon and one of the biggest aquariums in the world
Under approvals granted by the Queensland government, building on the 750-acre beachside site at Yorkeys Knob would start mid-2014 and be completed by 2018
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