The multibillion masterplan was to be realized by Chinese-backed group of investors ASF Consortium. Its project included the construction of the Gold Coast Integrated Resort that would have featured five- and six-star hotels, a casino, convention facilities, spa and wellness facilities, luxury retail, multiple dining options, and a number of other entertainment facilities. The property was to be developed on the Southern Spit, not far from the Sea World water park.
The area is currently occupied by parks and green spaces. Earlier this year, the Queensland government opened a public consultation period, collecting opinions from Gold Coast residents whether the expensive plan would be the best for the Southern Spit.
Premier Palaszczuk told media that the community seems to prefer the area’s current parkland status and the complex would have certainly changed its current look and atmosphere. Under previous proposals, the government would have had to change a three-story height limit for the area in order for ASF Consortium to be able to built high-rising buildings as part of the resort.
As revealed by Premier Palaszczuk, the group
of investors would be compensated, although the government is yet to determine
in what way.
News about the project’s failure came mere days after it was reported that Las
Vegas casino operator Caesars Entertainment Corp. and ASF Consortium have
entered preliminary agreement that would have allowed the former to operate the
casino portion of the US$ 2.4 billion resort.
