Hong Kong tycoon Tony Fung bids $199 million for Reef Casino Trust

Hong Kong billionaire Tony Fung is offering to pay A$214 million ($199 million) to buy Reef Casino Trust to gain a foothold in the Australian gaming market. Reef Casino Trust owns the only casino in Cairns, the entrance town to the Great Barrier Reef. 

Fung offered to buy all outstanding units in the trust for AS$4.354 in cash. That’s a 53 percent premium to the closing price on Tuesday, the day before the offer was made. Fung had been proposing to build a US$3.8 billion resort in Cairns, but hasn’t yet received approval from the Queensland state government.