4CA - Queensland's Home for Fake News

4CA - Queensland's Home for Fake News
4CA - Queensland's Home for Fake News Led by John "Cueball" Mackenzie

07 February 2015


Aquis is officially and totally dead.

It's not clear how long it will take the politicians to accept this as fact, but it's now clear to us.

Chinese President Xi Jinxing today issued a second tranche of regulations to govern Chinese citizens gambling activities in overseas casinos.  President Xi set out early in 2013 on a campaign to fight "tigers and flies" - government cadres of both high rank as well as lower-level bureaucrats.  

By some estimates, almost 40% of the money wagered in Macau "VIP Gaming Rooms" was stolen from the Chinese government.  

The 2013 regulations began a rapid decline in revenues at
the Macau-based casinos, on which Aquis was based.  The Chinese government was beginning to squeeze the hot money out of the casinos, which they noted were "foreign owned".

All the Macau casinos have closed off huge areas of gaming - in some cases whole floors of VIP tables are now gone.

Then this past December, Xi visited Macau for the first time as leader and saw for himself the opulent extravagance at the foreign casinos along with the sewer that the rest of Macau has become.  He reiterated his stance that there would be no let up in his "fierce and enduring" battle against corruption.  

The first result of this visit was the shuttering of large, older Macau hotels that were essentially giant whorehouses, along with the arrest of senior officials including Alan Ho, younger brother of the previously politically protected Stanley Ho and SJM Holdings.  Political protection of the rackets has ended.  

The links in this story are important for readers to understand.  

President Xi, known to be from the conservative faction of an already conservative government, is now doubling down on these policies in an announcement from Beijing late yesterday.  An announcement that makes the finance of Aquis all but impossible for Tony Fung, or anyone else. 

Xi has now made it clear that the Chinese government is not going to tolerate widespread gambling by its citizens ANYWHERE, with regulations now issued that will turn off the tap of Mainland Chinese money to Singapore, the Philippines, and Australia.

China has declared war on global gambling by Chinese citizens, now not just in Macau but around the world!

On translation of today's announcements, Bloomberg Financial called the impact on casino shares "A 2015 bloodbath".

This has served again to highlight the stupidity of Cairns (and indeed Australia) putting all their economic eggs into one basket.  The current Australian economic collapse is unrelated to the so-called GFC, but instead the result of spending mining revenues like drunken sailors - with the money tap under control of outsiders. This overspending started under John Howard, who handed out tax cuts, social and family support, and corporate welfare instead of spending on infrastructure for the future.  Kevin Rudd pissed away billions along the same line.  And then as China has pulled the plug on the mining revenue, Australians are looking for another "sugar fix" of economic activity.  

Can you imagine the profound damage to the Cairns community if Aquis was actually running and then China changed the rules?  A community with an instant 10,000 unemployed isn't a pretty sight.

Time to go back to the drawing board and work to generate sustainable, long-term economic projects.  Economic development is like the tortoise and the hare.  Our so-called leaders have been riding a hare to nowhere.  Time for pragmatists to take control.  The people of Cairns need to be in control of our own destiny, not some bunch of dictators thousands of kilometers away.

Surely the Fungs are well aware of the continual flow of negative information coming out of China, and the incongruity of their proposed project.  The press in Hong Kong has been reporting the collapse of the billionaires in HK that have big exposure to the casinos.  How ridiculous that anyone thinks this $8B project can be financed in Hong Kong, or anywhere else.  

The Fung's Canberra casino is even at risk now - it sure wasn't making any money in Canberra before.  The announcement of Pat Flanagan as Aquis "Project Manager" was just more absurdity to come out of the Fung operation.  A small town company doesn't get promoted from providing engineering services on small commercial projects and building toilet blocks to running an $8B project.  

Aquis is dead.  

Time to move on, kids.  Nothing to see here.


shanghai said...

firstly lets forget gambling but look at taxation any one who lives above the 25 latitude should get a tax brake eg 20% income tax AND there fore give incentive for companies to set up north we could get tax breaks like no payroll,FBT,COUNCIL RATES Subject to certain hurdles like a two year time lag and u must employ at least 20 people im just giving ideas but lets run with it

Anonymous said...

Never mind HBW - I see Townsville is getting now to get an international airport.
This adds to the Cruise liner terminal, new stadium, new entertainment centre, more highway upgrades and overpasses, 24 new boat ramps etc etc.
All must be OK in NQ.
Maybe the Fungs will relocate to Townsville, the city that the Feds and State governments are in love with.

Anonymous said...

It was a fairytale right from the start.

Ken Svay said...

No surprise to me, Macau was full of stolen money. Official gambling revenue was 54 billion, unofficial five times as much. I live in a Cambodia and the incredible construction boom there is fueled by dirty Chinese money.
Why anyone ever thought that Aquis was real baffles me, they couldn't afford 250 mil for the Reef so they spent 8 mil in Canberra- pull the other one Fung, it's got bells on.
And they were going to raise 8 billion on the New York Stock Exchange!
Cairns people are very naive and the politicians play them like a piano. I remember a high powered delegation in luring the mayor rushing off to Hong Kong before Christmas to court Fung. This is a mayor and a council who can't build a cycle way and footpath to the airport and they think they can talk turkey with a smooth Chinese investor.

Anonymous said...

Not all people Ken. There are those amongst us who have been out in the real world and yes, educated. The problem with a lot of people in Cairns is the fact that a large percentage of people arrived in the last 10-15 years. They have never experienced a proper wet season, they see the remains of a once beautiful city and are trying to desperately turn it into a suburb from where they came from because they feel more secure with that. Anything wild or intimidating they set out to remove, crocodiles , flying foxes or just the wildness of the area comes to mind. They want bigger and better, uglier and more of so they don't get to home sick. Blow in pollies want high density high rise, local government want sprawling suburbs for a solid rate base to support their waste and mismanagement and a true local(been here 25 years or longer) want compromise to keep the very things that used to make this area special. Gambling mini cities are a blight and eyesores and the "blowin" citizens still think it will bring employment and growth. Sadly their howling and domination of the body politic and media drown out common sense and all people like me can do is sell up and take our heritage with us.the end

Anonymous said...

anon 22:50 ...and you reckon Cairns has never had an opportunity for most of those things. The reason Townsville does so well is because its community and business leaders are not as dysfunctional as the money hungry rednecks we have up here in Cairns. You only have to look at the sad excuse of a mayor in Cairns who is flat out trying to put a sentence together.

Anonymous said...

WTF did you say Shanghai, your pissed and thought you'd try to talk intelligently but your to fucken pissed.

Denis Walls said...

Very good work Hillbilly. I sent this link http://www.businessinsider.com.au/xi-declares-war-on-global-gambling-firms-2015-2?wt=2 to the Cairns Post yesterday asking if they will be approaching Fung or Flanagan for comment. Let's wait and see. As you say, this is a killer blow for Aquis. Will our 'leaders' now have the intestinal fortitude to admit as much? I'm not holding my breath.

Alison Alloway said...

Many of us who post in here all said that the issue of AQUIS would most likely be decided by the actions of the Chinese Government, NOT the Queensland Government. Also in these times we cannot afford to anger China by going against their wishes to control casinos and rein in the huge amounts of money laundering.

Anonymous said...

I have it from good authority that Pat Flannagan is not being paid professional fees. His consultancy work this far has been free on the basis that if it gets up and approved he and his business get control over the contracts and consultancies and a lucrative long term relationship with the Aquis development.
It seems Fung has pulled the wool over this guys eyes as well.

Anonymous said...

what will be really interesting is to see who gets the blame when it does go belly up... obviously the LNP will try to pin it on Labor, but will the media play ball?

Bob R. said...

Oh Christ I can hear them already. No they wont say fucken anything about what the Chinese government is doing. Instead if Labor takes office in Queensland the compost and old nanny Mackenzie will just blame the Labor government.

Anonymous said...

Now that we have new pollies in our area declaring they all support Aquis, when do the ratepayers of Cairns get a chance to read the "secret" Council response to the EIS, and the costings for the necessary infrastructure associated with Fung's edifice? - i.e. a new water supply/dam for 12,000 guests, flood-proofing Yorkeys Road, the flyover at Caravonica, etc. etc. etc.
Seems to me that Pitt (Treasurer), Pyne (ex Council) and Crawford (local member) would want to be in possession of that info before supporting the project and passing these costs on to their constituents. If they know they should tell us, and if they don't know they are negligent. Which is it?

shanghai said...

now now wtf u should articulate your self better than that just because u walk around the hambo with an ankle bracelet don't bitch about me actually I do make sense but any way forget aquis we don't need it or want it just can it just say no now as for Townsville they would need a couple of billon to get up to speed guess what ? wont happen no money apparently? they would a need new airport for starters, hotels,railway station ,better roads in and out of town Townsville keep dreaming and even the cowboys might win the comp yeah keep dreaming

Anonymous said...

Back to sleep for another week or so, HBW ??

Anonymous said...

The more they feed the dragon the bigger they need to build the fence. Eventually the dragon will break the fence and eat the jailer. History repeats.

china said...

Yeah great work HB, did you notice CP, Aquis' biggest booster,& promoter of the Dud G King featured this article buried near the classified sect. on Sat? And because of their obsession with balance also included this gem from greg moule another very astute business person "It seems Aquis is heading in the right direction and tourist cities such as ours are going to benefit greatly" wonderfull to be surrounded by genius' like this eh!

Anonymous said...

Interesting that Aquis are having a Community briefing on April 1st with CCoC. Poor choice of day LOL and i quote from CCoC This event is intended to provide confidence to our community that the project is continuing, that the Proponent’s commitment is unwavering, and to provide information related to the current status of the project, along with forward project milestones and dates for construction commencement. A project briefing will be provided, along with a Question and Answer session. So exactly what is "Fat Plan Again" going to tell us different this time..

Anonymous said...

Just needs the IRD plans submitted by the (n)ever quiet 'Fat Plan Again' and she'll be right. Surely I cannot be the only person around here that thinks he is a total Boofhead? Aquis is a goner for sure. Not sure why 'Deb Softc*ck' and 'I'll have a Vial' are championing it so much. The funniest thing i have seen is that they are having an informative discussion on the progress of Aquis on April 1st!!