Fung to seek HK listing to fund Aquis

Hong Kong billionaire Tony Fung may partially list his development company Aquis to raise funds for his A$8 billion ($7 billion) casino resort in Cairns in northern Australia.
Aquis is currently completing the A$270 million ($237 million) takeover of the Cairns Reef Casino, which lacks the facilities to attract high-end Asian gamblers and produced EBITDA of only A$14 million last year, although the Australian Financial Review quotes Fung as saying A$20 million result is possible this year.
In the next two or three years, "if we can bring ourselves an EBITDA of $80 million, the chances of us getting it financed without me giving up too much equity (in Aquis) would be very high," he said.
Aquis plans to build a casino, convention spaces, over 7,000 hotel rooms and a golf course. Fung has said Aquis would be listed on the Hong Kong Stock Exchange and any offering would likely be made in 2016.