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2 OPEN LETTER TO THE PEOPLE OF CAIRNS AND NORTH QUEENSLAND In September 2012 my company acquired an option on a 750 acre site at Yorkey s Knob near Cairns in North Queensland to lay the base for the implementation of my vision for the Aquis Great Barrier Reef Resort. Since then my advisory team has been undertaking the necessary work to determine the viability of my vision and prepare a proposal for consideration by the Queensland Government. My commitment to Aquis, and belief in the opportunity it presents, has been strengthened and fortified as that work has been completed. Based upon my business exposure to Asian markets via my family s involvement in the Hong Kong/China finance and property markets I have seen and observed, with great interest, the rapid and exponential growth of Macau. It cannot be disputed that Macau s growth has been driven by a new breed of substantial integrated resort. The model is being rapidly adopted and accepted by Queensland s tourism competitors in the Asia Pacific region. With over 15 years experience investing in North Queensland I have recognised the unique suitability of the Cairns region to develop a integrated resort, based upon the Macau model, but presented differently via a design and marketing linkage to North Queensland and the Great Barrier Reef. Queensland has an opportunity with this proposal to join other countries in our region in rapidly moving with the dynamic of large-scale integrated resorts driving tourism, employment and associated economic growth. The Aquis proposal is unique, in Asian integrated resort terms, by associating its appeal to the unique natural environment and region it is located in. Aquis will be, by its very design and market position, a high profile project to drive Asian tourism awareness of North Queensland and the Great Barrier Reef. Ten years ago Chinese tourism visitation to Queensland was minimal. I compare that to figures released recently where Chinese nationals are now the second most dominant tourist nation to Queensland (and rising). Aquis (the man-made wonder) and the Great Barrier Reef (your incredibly beautiful wonder of the world) will ensure, in perpetuity, Queensland receives more than its fair share of inbound tourism from China. Aquis gives Queensland an opportunity to fend off its southern and regional competitors for the increasingly important Chinese tourism market. While attracting international visitors is an important part of our proposal, Aquis will also play an important role for the Queensland economy by: increasing employment opportunities for Queenslanders from as early as next year; increasing economic expenditure and investment in Queensland; increasing state revenue and improving the state s finances; providing a world-class facility for locals and domestic tourists; and driving international and domestic tourism visitation and expenditure for the benefit of all small business operators in North Queensland. i

3 I am pleased to offer to the Queensland Government the opportunity, by its support for the Aquis proposal, to further demonstrate its commitment to two of Queensland s economic pillars - tourism and construction. I have asked no favours or financial input from the Government for its support of this project. I only seek investment certainty from an approval process that can allow my investment consortia certainty and quick mover opportunities over projects proposed in other countries within the Aquis target market zone. At this stage it is the stated intent (working in partnership with the Queensland Government, the local authorities, community and other stakeholders) of the consortia, after an appropriate approval and licensing process, to commence significant site works in mid 2014, with project completion slated for I look forward, with great enthusiasm, to seeing the first sod turned on site by mid 2014 and sharing this opportunity with the people of Cairns and Queensland. Yours sincerely Tony Fung Chairman Aquis Great Barrier Reef Resort ii

4 Aquis will provide unquestionable financial benefits to the State of Queensland both directly and indirectly, and in addition, by way of heightened financial and investment reputation. Aquis Resort at the Great Barrier Reef Pty Ltd (ACN: ) Suite 8, Cairns Green Square, Abbott Street, Cairns Qld Aquis Resort at the Great Barrier Reef Tourism images courtesy of Tourism Queensland

5 CONTENTS 02 THE PROPOSAL EXECUTIVE 04 SUMMARY OBJECTIVES OF 06 THE PROPOSAL KEY POINTS FINANCIAL COMMITMENT TO DATE AND IN THE FUTURE

6 THE PROPOSAL Aquis Great Barrier Reef Resort ( Aquis ) is intended to be Australia s largest, most exciting, innovative and worldclass integrated resort. Aquis is intended to attract substantial tourism visitation from both the international market and domestic market. Aquis will compete on the world stage for international and domestic tourists for the benefit of the whole North Queensland community. The contemporary model of worldclass, fully-integrated mega resorts was first developed in Macau and is being implemented in a host of Asian destinations, including Singapore and the Philippines. For Queensland (and in particular North Queensland) to compete in this international market Aquis needs to provide a high-class international standard, with multifaceted and diverse tourism facilities. North Queensland can win the battle for the international tourism dollar with an asset like Aquis. Aquis, on the edge of the Pacific Ocean at the Great Barrier Reef, and located just north of Cairns International Airport, will have the scale, diversity and international flavour to be without peer in Australia. Queensland, and in particular North Queensland, has a once-ina-generation opportunity to take advantage of the substantial near term growth expected in outbound Chinese tourism and to position North Queensland as a tourism leader within the region. The opportunity is not limited to China however, and it is envisaged that Aquis will attract significant tourism visitation from all over the world. The key to North Queensland securing all the benefits that Aquis offers is to move quickly and with certainty, such that Aquis can become this leader in the region, and attract a whole host of new opportunities as quickly as possible. 2

7 North Queensland can win the battle for the international tourism dollar with an asset like Aquis. 3

8 EXECUTIVE SUMMARY Aquis offers a wide array of benefits to Queensland whilst being cognisant of the challenges that develop during planning and construction of a project of this scale and complexity. The following is a summary of the key finding of the process undertaken to date to prepare for an expedited development approval. GENERAL ECONOMIC BENEFITS TO QUEENSLAND Total construction investment $4.2 billion (in current dollar terms); Direct provision for 9,300 full time jobs per annum (and indirectly a total of 16,600 per annum) during construction; Direct provision for 10,000 full time jobs per annum (and indirectly a total of 26,700 per annum) once operational; Total cumulative Gross State Product during construction $3.4 billion; Annual Gross State Product $1.15 billion during construction; and Annual Gross State Product $2 billion once operational. REVENUE BENEFITS TO THE STATE OF QUEENSLAND During Construction Annual state payroll tax receipts increase by $14M; and Annual GST distributed back to Queensland also increases by $11M. Once operational Annual state payroll tax receipts increase by $31M; Annual GST distributed back to Queensland also increases by $16M; and Gaming taxes and charges increase revenue to Queensland by an estimated $95- $280M per annum. A WORLD CLASS RESORT TO DRIVE TOURISM TO NORTH QUEENSLAND 3,750 hotel rooms across nine luxury hotel brands; 1,180 managed apartments; 130 managed villas; an international class casino; one of the world s largest aquariums 13,500m2 of high-end retail shopping; a 25,000 seat sports stadium; a 45,000m2 convention and exhibition centre; a 20Ha reef lagoon; 2 x 2,500 seat theatres; 4 a cultural heritage centre; and an 18 hole championship golf course.

9 A FACILITY FOR NORTH QUEENSLAND THAT WILL: drive substantial economic prosperity for many years to come; provide locals with a venue and destination to be proud of; support local education and training, in particular for indigenous youth; and reverse the flow of talent in business, the arts and sport to the South. ENVIRONMENTAL CONSIDERATIONS HAVE INCLUDED... planning to ensure no disturbance of the Great Barrier Reef; best practice environmental considerations; and environmental enhancements as a result of the development. Image courtesy of Tourism Queensland A facility for North Queensland that will drive substantial economic prosperity for many years to come. 5

10 OBJECTIVES OF THE PROPOSAL Aquis will be like nothing ever before seen in Australia and will bring the attention of the world to North Queensland. It will be Australia s only genuine, world-class, integrated resort. TO DEVELOP AUSTRALIA S LARGEST INTEGRATED RESORT AT YORKEY S KNOB, CAIRNS The intention is to start construction by mid after an intensive, but expedited, planning and development process, starting with the lodgement of this submission. With an expedited process and detailed planning we look forward, along with the community of North Queensland, to the grand opening of the resort in mid to late It is said that a picture speaks a thousand words and the visual images contained within this submission truly bring the scale and scope of Aquis into reality. However the details are what really underpins the claim to Aquis being a resort of international standard and class: 3,750 hotel rooms across 9 luxury hotel brands; 1,180 managed apartments; 130 managed villas; an international class casino; one of the world s largest aquariums 13,500m2 of high-end retail shopping; a 25,000 seat sports stadium; a 45,000m2 convention and exhibition centre; a 20Ha reef lagoon; 2 x 2,500 seat theatres; a cultural heritage centre; and an 18 hole championship golf course. TO INCREASE INTERNATIONAL TOURISM TO NORTH QUEENSLAND Key to attracting increased international tourism is the provision of accessible, man-made facilities that provide necessary attraction in themselves, to tourists who can then avail themselves of the natural wonders and beauties of that area. There is no doubt that North Queensland has wonderful natural tourism assets, including the Great Barrier Reef, the tropical North and the Tableland. Being located one non-stop flight from China, the rest of Asia and the Middle East gives North Queensland a significant competitive advantage over many other Australian destinations. What North Queensland is missing is the man-made wonder of the world, which is presented in Aquis, to complete the necessary package to attract international tourism. Aquis will allow North Queensland to benefit from the increasing trend of outbound tourism from Asia, particularly China. By providing the world class facilities to attract China s middle class Aquis stands as beacon in the Australian tourism market. Facilities of the like of Aquis don t only attract the Chines mass market middle class, but also the big spending, high value, ever expanding Chinese upper class. Aquis will not be just a magnet for the Chinese. It will attract international tourism from around the globe. Australia s exposure to the Indian wedding market is far less significant than what it could potentially be. Aquis will give North Queensland a unique opportunity to enter this market amongst many others. 6 Aquis will be of such high quality that it will have the ability to attract

11 Aquis is the unique facility that the local North Queensland community needs and deserves for its social enrichment. to North Queensland international Government and business conventions and exhibitions, major sporting events and international meetings and conferences. Aquis intends to partner with the world s leading hotel and apartment operators to provide a host of accommodation offerings to suit every taste, need and style. Recent Tourism Research Australia figures (released July 2013) show that Australia received 5.7 million overseas visitors in the 12 months to March 31, who spent more than $19 billion. Sadly, North Queensland s share was only 691,000 visitors who spent $877 million. Aquis provides an opportunity to increase overall visitation to Australia, as well as relevantly increase North Queensland s share of those visitation numbers with the aim of exponentially increasing what those visitors spend in the region. TO INCREASE DOMESTIC TOURISM TO NORTH QUEENSLAND Aquis should not only be seen as a magnet for international tourists. It is an asset which will attract domestic tourism from throughout Australia and New Zealand, through a renewed interest in the tourism assets of the Tropical North. Domestic conferences, conventions and other business and event based traffic will be drawn to the world class facilities on offer. Aquis is equally focussed on increasing North Queensland s competiveness in the domestic tourism market as it is for the international market. It will become an icon that every Australian will seek to visit at least once in their lifetime, and visitation will grow substantially from the domestic market as well as the international market. TO PROVIDE NORTH QUEENSLAND WITH AN INTERNATIONAL STANDARD RESORT THAT LOCALS ARE PROUD TO VISIT, HOLD THEIR SPECIAL EVENTS AT, AND WHICH THEY ARE EXCITED TO BRING THEIR VISITORS TO Aquis will be an inclusive facility - whether a local retiree or a Chinese billionaire, all will be welcomed, treated equally, and feel special when entering Aquis. The resort s planned integrated transport structure will only enhance the desire of locals to visit Aquis and to utilise its wonderful facilities. Aquis will attract acts, events, exhibitions and performances in sport, art, entertainment and culture of the likes never before regularly seen in North Queensland, for the direct benefit and enrichment of the local community. The need to travel away to see world class acts and exhibitions will be all but negated. Aquis is the unique facility that the local North Queensland community needs and deserves for its social enrichment. TO PROVIDE FOR THE ECONOMIC BENEFIT OF NORTH QUEENSLAND Both during construction, and once operational, Aquis will provide substantial economic stimulus to North Queensland. KPMG have modelled the financial benefits to North Queensland to an extent which shows that Aquis is a vital element in the future prosperity and economic sustainability of the region. Key outcomes of the KPMG assessment include: direct expenditure during construction of in the order of $4.2B in current day expense terms; significantly increasing annual Gross State Product during construction; increasing annual Gross State Product once operating; increasing, on an ongoing and sustainable basis, revenues to State Government from payroll tax, Federal Government GST remission and significant gaming tax and fees once operating. These factors show the substantial and direct economic benefit to North Queensland from Aquis, and which will only steadily increase in future years. Such benefit is real and sustainable. Whilst not part of the KPMG modelling it is fair to assume that with a significant increase in employment comes other indirect benefits of an economic nature to the local community, such as increased property values driven by greater rental demand in the areas surrounding the project. TO PROVIDE FOR INCREASED EMPLOYMENT AND TRAINING OPPORTUNITIES FOR NORTH QUEENSLAND Aquis will directly provide employment, and indirectly provide the need for training and development of skills, at a level never before seen in North Queensland. 7

12 This need for training and skills will drive the educational and vocational institutions in North Queensland to new levels of expertise, business acumen and pursuit of opportunity. North Queensland currently experiences a cyclical state of employment with the high season bottoming out as the seasons change and tourism fades. Aquis will bring a levelling of the seasons and demand will remain high all year round. Unemployment will likely be as low in North Queensland as anywhere in Australia as a direct consequence of the development of Aquis. KPMG have established that: Aquis will create 16,600 jobs at peak construction (9,300 direct and 7,300 indirect) Aquis will create 26,700 jobs when fully operational (10,000 direct and 16,700 indirect) Such outcomes make plain that: the issues relating to very high low season unemployment in Cairns will become a thing of the past; TO RESTORE NORTH QUEENSLAND TO A PLACE OF INTERNATIONAL AND DOMESTIC TOURISM PROMINENCE Aquis aims to be the catalyst for the rejuvenation of tourism and infrastructure development in North Queensland, delivering economic, social and environmental benefits to the region. Aquis will consider it a material signal of its success if the youth of North Queensland no longer feel the need to travel south or internationally for education, employment, culture and a vibrant, diversified and prosperous lifestyle. Relevantly, Aquis seeks to bond together all North Queensland residents (indigenous and nonindigenous) in a common spirit of endeavour to grow together as a community using Aquis as a starting point for their ultimate benefit. supplying the ongoing staffing of the resort means training programs for youth will need to be developed through James Cook University and other local tertiary institutions, which will result in North Queensland becoming more integral tertiary education provider; there will be significant training and employment opportunities for indigenous youth; and Aquis will act as a form of risk mitigation to the likely resources boom deflation. 8

13 Image courtesy of Tourism Queensland 9

14 KEY POINTS 10 There are a number of unique factors that make the Aquis resort near Yorkey s Knob the right resort in the right location at the right time and through a once-in-ageneration opportunity. GREAT BARRIER REEF North Queensland is well known internationally for its natural wonder of the world, The Great Barrier Reef. Aquis seeks to supplement the tourism attraction that such natural wonder provides with a world class accommodation and facilities centre to encourage international and domestic visitation to the Great Barrier Reef. Aquis is unique in its desire not to be located in a major CBD where Australia s other proposed smaller integrated resorts are planned to be developed. On the ocean, at the Great Barrier Reef, in Tropical North Queensland is the catchcry of Aquis. The Chinese mass market will be attracted by the Great Barrier Reef, allowing Aquis to benefit from a unique natural appeal to tourists unable to be offered by city based resorts both internationally, such as Macau and Singapore, and domestically, such as Sydney and Melbourne. Aquis would not be developed but for the wonder of the Great Barrier Reef and its location and proximity to Yorkey s Knob. FLIGHT TIME TO CAIRNS AND CAIRNS INTERNATIONAL AIRPORT The relative global positioning of Cairns International airport, and its significant capacity, provide a unique opportunity for North Queensland to become the major international tourism entry and exit point to and from Australia. Cairns international Airport is already attracting regular non-stop flights direct from China and Hong Kong. It has an unqualified opportunity to attract direct flights from almost everywhere in Asia, the Pacific, West USA and the Middle East. Aquis aims to make Cairns International Airport the port of choice (entry or exit) for Australian international tourism purposes. Without the nearby Cairns International Airport the Aquis development could not be considered. CONTROL OF A LARGE BEACHFRONT SITE Aquis controls ownership of all the land it needs to develop this significant project. The site is large enough to easily support a project of the scale of Aquis. The proposed Aquis site near Yorkey s Knob is unique in a number of ways. A large beachfront, but already environmentally degraded site, within 10 minutes of the Cairns International Airport, it is a rare opportunity for development. Given the Aquis site is located on a flood plain great skill and care has been applied to the development process to work with the land, rather than against it and its attributes, and to enhance the quality of the site. The most unique benefit of all, of course, is the fact that the site directly adjoins the Pacific Ocean and the Great Barrier Reef, and without those assets the Aquis proposal could never have been developed, as it has to date. UNDERSTANDING THE ENVIRONMENT The core site is an operating sugar cane farm that, as a consequence of its long use as a sugar cane farm, is significantly environmentally degraded.

15 Image courtesy of Tourism Queensland The subject site was once the proposed location of the Rainbow Harbour canal development, featuring direct canal access to the Pacific Ocean and Great Barrier Reef. Such proposal showed little sensitivity to the environmental issues caused by direct marine access from the subject site to the Reef. Intentionally, from an environmental perspective, Aquis does not provide for any marine access from the site to the ocean. Additionally all site planning has been done with foresight of environmental issues and challenges, and with the mantra of improving rather than further degrading the environmental condition of the site. The environmental planning considerations concerning the Aquis site have been deliberate, cautious, respectful and value-adding. Aquis has, in addition to its own environmental consultants, engaged as independent consultants the James Cook University Centre for Tropical Water and Aquatic Ecosystems Research who have opined concerning the Aquis proposal generally in terms of the following: The description by Aquis of the existing environment and associated values is appropriate and adequate for the purpose. Whilst this will require confirmation by detailed work during the approval process, based on our current understanding, the assessment and analysis is appropriate for a proposal at this stage of this type and provides a sound general understanding of the site and its context in the broader environment. The Concept Buffer Design and associated recommendations for planning rules and mitigation actions as described include some positive outcomes for the environment such as vegetation buffer zones and retaining existing vegetation, improving connectivity, and managing water flow and water quality across the site which we see as being important in this location The proposed management framework described includes attention to environmental matters to be addressed during design, construction, and operation and is a logical approach. The proposed set of management strategies address the matters requiring detailed attention and it is expected that these will be expanded upon during the approval process. As they are currently written they demonstrate a sound basis for planning. Aquis intends to retain a significant focus on environmental issues as the planning and construction processes occur with a view to achieving positive environmental outcomes for the site and producing a net environmental benefit. Integral to such approach is ongoing independent peer review by the James Cook University TropWater Centre. UNDERSTANDING OF SOCIAL IMPACT It is unquestionable that the Aquis project will bring considerable benefit of a financial and non-financial nature to the North Queensland community. Whilst the preponderance of social impacts will be positive to the North Queensland community Aquis accepts that there is some risk of negative effects in a number of areas. Aquis is very conscious of seeking to understand such risks, and to take the right steps in the future to mitigate and compensate for them. Aquis has engaged independent advice from The Cairns Institute at James Cook University to assist it in both understanding the social impacts of the Aquis proposal and in working to address any negative implications. The Cairns Institute has relevantly said, in summary format: That fact that proponent has sought out the Cairns Institute s input demonstrates that they recognise and understand the significance of the potential impacts of the proposal and have demonstrated a willingness to engage with locally relevant, yet world class and well networked Social Impact Assessment capacities in the proposal development, assessment, design, construction and long term operational phases and The proponent s adoption of the recommended SIA process, integrated within a well-structured and facilitated engagement framework, will help to focus key stakeholder interests and concerns. It will also help the proponent to deliver best practice SIA differential impact scales. Aquis presently intends to adopt The Cairns Institute s recommended SIA process and any ongoing recommendations. Aquis appreciates the nearby existence of the Yorkey s Knob community, and the desire of some Yorkey s Knob residents, to be removed from the possible issues and challenges a large infrastructure proposal on a nearby site will create. Aquis is sympathetic to such viewpoint and has structured its proposal (and will continue to develop its proposal) in a way so as to minimise any significant inconvenience and impediment to Yorkey s Knob residents. 11

16 12 BENEFITS THE PROPOSAL WILL BRING TO THE STATE Aquis will provide unquestionable financial benefits to the State of Queensland both directly and indirectly, and in addition, by way of heightened financial and investment reputation. Some key points include: Ongoing, sustained, increasing tax revenue Gross State Product will increase on an ongoing basis; and Jobs for Queensland will be created (subject to an expedited approval process from as early as 2014). Queensland will also gain a reputation as a leader and innovator in tourism investment, development and marketing and will stand well positioned to attract other significant tourism investment from the Asian region. Aquis seeks no financial or in kind contributions from the State. It has its own land and its own financial capacity to deliver on this proposal. The only assistance that Aquis seeks from the State is an understanding of the international market this proposal is competing with and the necessity of the provision of an expedited approval process to enable investment certainty, to progress this proposal. BENEFITS OF THE PROPOSAL TO THE NORTH QUEENSLAND AREA This submission has detailed a large and diversified range of benefits to the North Queensland community, covering the full spectrum from financial to social. Such benefits will be sustainable and reliable and will ensure North Queensland becomes a significant Australian destination whether for tourism, business, the performing arts, cultural activities or sporting events. Aquis will provide increased opportunities for the benefit of both tourism and accommodation operators in North Queensland. In recent years many issues have had an impact on tourism in North Queensland but, despite all these impacts, tourism income has grown from approximately $400 million per annum in the 1980 s to its current value of around $2.2 billion to $2.4 billion per annum. Tourism Tropical North Queensland in its Strategic Marketing Plan stated: With an increased investment in tourism marketing, a tourism industry goal of $3.2 billion in visitor expenditure is possible an additional $1 billion injection to the economy (by 2015). Aquis aims to supercharge this target, seeking to take North Queensland tourism expenditure well north of $5 billion per annum from commencement of operations. Aquis intends to operate with a collaborative approach rather than a competitive approach to local tourism operators. Macau provides a clear, real world example of this philosophy in operation, with each integrated resort assisting its customers and competitors by providing free interresort transport between resorts, facilities and tourism providers. As Aquis does not intend to provide any significant tourism activities itself it envisages a system of free return transport allowing guests to easily and freely visit the Cairns CBD, major Cairns transport hubs, all major local tourist attractions and tourism providers, such as reef tour departure points. Aquis accommodation options will not suit all travellers, nor will they be sufficient as the expected inbound tourism numbers grow, hence allowing all local accommodation providers to benefit. The Aquis free transport system will allow travellers to stay away from the resort while benefitting from occasional use of the resort s facilities. Every business in North Queensland stands to benefit from what Aquis will bring to the local community. CASINO LICENCE AND OPERATOR The lack of any proposals for, or any actual prior projects of the scope and scale of Aquis, plainly demonstrates that such a project is not financially feasible without the fiscal support provided by a casino licence. Similarly, the most significant revenue benefits to the State come from the gaming tax imposed on a Casino s operations. The business case that a casino underpins the economics of such an international class project is well understood and widely accepted. Whilst Aquis is a mega resort project the proposed casino is only marginally bigger (in terms of tables and machines) than, for example, Crown Melbourne. Aquis is seeking approvals for approximately 750 tables and 1500 machines. It is accepted that the casino operator at Aquis must pass probity and all other licencing assessment processes, and that a licence will only be granted to a particular operator after a rigorous assessment process.

17 SINGAPORE GUANGDONG HONG KONG OSAKA SHANGHAI TOKYO BEIJING COOKTOWN LOS ANGELES PORT DOUGLAS CAIRNS MISSION BEACH >$2 BILLION PER ANNUM IN ESTIMATED VISITOR EXPENDITURE 26,700 JOBS CREATED ANNUALLY IN REGIONAL NORTH QUEENSLAND ONCE OPERATIONAL AUCKLAND TOWNSVILLE MACKAY ROCKHAMPTON $95-$280M PER ANNUM INCREASE IN STATE REVENUE FROM GAMING TAXES & CHARGES 13

18 It is intended that Aquis will operate its own casino within the confines of the resort. Within the corporate structure of Aquis there is a complete acceptance of responsible gambling initiatives and the need to adopt an overriding approach of community and personal support. Aquis firmly believes in responsible gambling practices and the need to ensure the community sees Aquis as a supporter of community health and family issues. Aquis will be an Australia wide leader in adopting international best practice policies on safe and responsible gambling. The existing operator s exclusive casino licence expired some number of years ago. The grant of such exclusivity was both necessary to support such business initially, but also clearly foreshadowed to them and the greater community that a time would come where more than one casino operator in the North Queensland area was appropriate. That time is now. A monopoly and a lack of competition in any industry results in a lack of real desire for capital investment or innovation for the community s benefit. A competitive environment assists in the State and the community receiving real fiscal and social benefit as a product of the competition. Aquis does not seek a monopoly or duopoly position as a casino operator in North Queensland, and encourages ultimate competition between casino operators, whilst working collaboratively for the good of the community. HIGH QUALITY PROJECT TEAM Aquis has been developing this proposal since early September 2012 and has engaged a high quality team of local consultants and international partners to deliver the ultimate resort project. The team will continue to grow as this proposal becomes more certain. FINANCIAL COMMITMENT TO DATE AND IN THE FUTURE Aquis has made a substantial financial investment to date (primarily to the benefit of the Queensland business community) in the development of this proposal. Aquis plans to continue to invest in evolving this submission to approval, in due course, for as long as it perceives it has the North Queensland community s support, and Queensland Government desire, for Aquis to be developed. Aquis seeks an expedited, but transparent and inclusive process, for the development and casino licence approval process to enable it to proceed further on an ongoing basis with an acceptable level of investment certainty. TIMETABLE AND PROCESS Given the nature of the international competition that faces Aquis, and given the desire to have Aquis operational by mid to late 2018, an agreement is sought from the Queensland Government by the end of November 2013 for the development of the Aquis resort and the grant of an appropriate casino operator s licence. Aquis submits that this agreement should be supported by enabling legislation passed prior to the end of this calendar year. Aquis further submits that such agreement should be preceded by an open, transparent and inclusive approval process that provides for an appropriate agreement that has the support and input of all interested parties. 14

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20 Suite 8 Cairns Green Square Abbott Street Cairns Qld 4870 info@aquisgreatbarrierreefresort.com Image courtesy of Tourism Queensland