ASF SAYS IT WAS NOT CONSULTED ON SHOCK DECISION TO SCUPPER ITS GOLD COAST CASINO PROJECT

THE company behind the planned new Gold Coast Casino and resort complex has hit out at the Queensland Government's shock decision to terminate the contract and is looking at options to find 'a suitable and equitable solution to the matter'.

ASF, a Chinese-backed consortium which is ASX listed (ASX: AFA), has spent an estimated $30 million over four years of planning and holding public consulations on the proposed development on the Spit.

"(This decision) is unfathomable and it has sent shockwaves throughout the business community both onshore and offshore," ASF Consortium director Louis Chien told ABC radio.

The company says it was given no notice that Premier Annastacia Palaszczuk would scuttle the $3 billion waterfront development for the Gold Coast's second casino and was not consulted on the issue, hearing about the decision just one hour before the announcement.

"We literally heard about it one hour before the announcement was made," said Chien.

"The people of the state, the majority would like for the government to explain its true intention to shut down $3 billion of investment injected into the local economy and 13,000 jobs that is not going to happen." Read more

Ben Hall - Business News Australia - 3 Aug 2017