Tony Fung, Hong Kong billionaire, is expanding into Queensland according to media on May 6, 2015. He acquired the Sheraton Mirage to turn it into a hotel casino on the Gold Coast of Australia. The purchase price is AUD $160 million. Fung stated the Gold Coast is a destination for Asian travelers, but it has not reached full potential yet. With a five star resort like Mirage or a slightly redeveloped Mirage, the Gold Coast can become even more of a destination. Fung does not have a casino license and has to await the Queensland government’s approval to turn the newly acquired hotel into a fully developed casino resort.
Tony Fung said plans are to redevelop the hotel into a waterfront convention centre, shopping, dining, and entertainment destination with upgraded berthing for super yachts. The investment from him and his Aquis group would be more than $8 billion.