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ASF 'surprised' over axed A$3B casino project in Queensland, Australia

Australia-listed ASF Group Ltd. said Aug. 2 it was "extremely disappointed and surprised" after the Queensland Government terminated its proposed A$3 billion integrated resort development on the Gold Coast's southern Spit.

At the Aug. 1 announcement of the decision, Queensland Premier Annastacia Palaszczuk said a master plan is being developed for the site, thus the call to abandon the planned Gold Coast Integrated Resort. She added that her cabinet has a vision that will preserve the Southern Spit area for future generations.

Palaszczuk also said in a press conference broadcasted live on Facebook that there are ongoing discussions with Crown Law with regards to possible compensation for the company.

Design for The Spit development included, among other amenities, a casino, three brands of five- and six-star hotels, an entertainment facet and boutique retail precincts. The project also promised 10,000 jobs and an economic boost for the Gold Coast.

Meanwhile, ASF said it will undertake "appropriate next steps" over the coming days in relation to the "sudden decision." The investment and trading house noted that it won the site after an international tender process and was named the preferred proponent for the project in 2014, after four and a half years of proposals, planning and public consultations.

As of Aug. 1, US$1 was equivalent to A$1.25.