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The resort, which had the backing of Chinese company ASF, was to have been built on Crown land on the Spit at Southport with a five tower integrated complex including a casino.
Queensland Premier Annastacia Palaszczuk says the decision is based on ensuring the "best long-term solution" for the Gold Coast, and says the Government will move forward with a community-led master plan.
"Like many Queenslanders, I have enjoyed visiting the Spit for decades," Ms Palaszczuk says.
"We need to ensure that character is preserved for future generations. The Spit offers great opportunities for job creation through tourism, entertainment and recreation.
"What the Spit really needs now is a master plan to revitalise it and increase its benefit to the Gold Coast as a community asset."
"To be clear, this is not a decision that rules out a future Integrated Resort Development on the Gold Coast."
The Government says the new master plan will ensure the Spit remains a low-density area with a maximum three storey limit to apply to any redevelopment.
It is expected the master plan will take 18 months to complete.
It's believed that the decision will not affect moves by Gold Coast Mayor Tom Tate to push for construction of a cruise ship terminal in the area.
Business News Australia
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