The man tasked with revitalising Canberra's casino believes the city's elite will be willing to spend up big once grand plans to transform the site into a buzzing entertainment precinct are realised.
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Hong Kong billionaire Tony Fung bought the troubled Casino Canberra site in Civic for $6 million in December and revealed this week his Las Vegas-style vision for an integrated casino, dining and nightlife complex.
His son, Aquis Developments managing director Justin Fung, is in Canberra to oversee the redevelopment and said it would provide a magnet for tourists and a source of pride, fresh entertainment options and employment for Canberrans.
"I envisage an entertainment precinct that becomes the go-to destination on Friday and Saturday nights and for special occasions, where you will have first-class dining options, you'll have high-end retail and night life including pubs and bars."
The new complex would also feature new gaming facilities, he said.
Mr Fung's immediate plans are to make some improvements to the current building, employ extra staff and gradually extend the casino's trading hours until it operates around the clock.
Short-term plans wouldn't include any attempt to have poker machines installed at the venue, which is not licensed to operate them, he said.
"We're coming in and we're fully aware of the regulations in place and we know that moving forward we've got to work within that framework."
Chief Minister Andrew Barr said the ACT government's stance on poker machines, which was to prohibit them in venues outside community clubs, hadn't changed.
Mr Fung is confident the casino revamp will be a viable business venture.
"The demographics that I understand about Canberra lead me to believe that people are pretty well compensated here. It's an educated crowd and they're going to want the type of entertainment that we're going to offer, because it's going to be of a high standard and a high class."
"I think it's a great time to be involved here. I think it's a fantastic time. I think the city is craving it, and craving more entertainment options."
The deal to acquire the ailing Casino Canberra from Casinos Austria was approved by the ACT government in December, after a bid from Aquis to buy casino licences for a 7500-room casino and resort at Yorkley's Knob near Cairns was delayed.
Las Vegas's Friedmutter Group and Westar Architects, along with Australia's DBI, have been invited to submit plans for the site after visits to the capital last month.
Canberra-based Cox Architects will be the lead architects on the project, which Aquis expects will be finished by the end of 2016.
The precinct's redevelopment will probably incorporate a parcel of land that stretches from the back of the casino to Canberra's National Convention Centre.
Mr Barr said the complex would be an exciting boost to the government's City to the Lake project and would breathe new life into the city's south.
"Aquis are well aware of our plans for the area and their decision to be part of it through their ownership of the casino highlights the merits of the project.
"Our understanding is that the proposed redevelopment of the site would attract jobs in both construction and hospitality and would give Canberrans another great option for entertainment in the city.
"It's great to see that international investors share our view of Canberra's potential and are willing to invest heavily."
Mr Fung moved to Canberra this week and his early impressions were of a vibrant city with a burgeoning cultural scene.
"It gets very trendy. There's this hipster vibe to it.
"I'm from Los Angeles, and I thought that was hipster central. But I tell you, I'm impressed with what I've seen here so far."
