ASF SAYS IT WAS NOT CONSULTED ON SHOCK DECISION TO SCUPPER ITS GOLD COAST CASINO PROJECT
3 August 2017, Written by Ben Hall
THE company behind the planned new Gold Coast Casino and resort complex has hit out at the Queensland Government's shock decision to terminate the contract and is looking at options to find 'a suitable and equitable solution to the matter'.
"(This decision) is unfathomable and it has sent shockwaves throughout the business community both onshore and offshore," ASF Consortium director Louis Chien told ABC radio.
"We literally heard about it one hour before the announcement was made," said Chien.
"The people of the state, the majority would like for the government to explain its true intention to shut down $3 billion of investment injected into the local economy and 13,000 jobs that is not going to happen."
"Over the coming days ASF will undertake appropriate next steps in seeking a suitable and equitable conclusion to the matter," the company says in a statement to the ASX.
John-Paul Langbroek, LNP member for Surfers Paradise, says this behaviour from the State government dissuades investment in Queensland.
"They've pulled the rug out from under not just this investor but anyone who might be considering investing in Brisbane, Gold Coast and Queensland. Because investors who spends this kind of money need have have clear guidelines of what they can and can't do," says Langbroek.
ASF director Chien echoed that sentiment.
"I think with the eyes of the world watching this high-profile project the owners are all watching from China, US and to places in Europe," said Chien.
"Under the current political climate, I'm not sure if there's any steps taken forward in terms of investor confidence here."
At the time of writing ASF (ASX: AFA) are still in a trading halt.
Business News Australia
Author: Ben Hall