Tony Fung’s Aquis Entertainment has purchased the Sheraton Mirage hotel on Australia’s Gold Coast with the aim of converting it into a luxury resort casino.

On Wednesday, the Courier Mail reported that the Hong Kong-based Aquis had paid AUD 160m (US $127.5m) for the five-star Sheraton Mirage. The amount is more than twice the sum current owner Pearls Australasia paid for the property in 2009. However, a later report by HotelManagement.com.au claimed the deal had not been finalized and that Pearls Australasia “continues to consider perspective owners.”

Assuming Aquis’ offer is accepted, Fung (pictured) plans to develop the Sheraton Mirage and the adjacent Marina Mirage into an integrated resort precinct. Fung called the Gold Coast “one of those rare destinations that enjoys instant recognition through Asia. But it has yet to reach its full potential.”

In order to make his plan a reality, Fung will need permission from the Queensland government. For some time now, Aquis has been negotiating with the government to obtain the necessary approvals for his proposed $8.5b Aquis Great Barrier Reef casino resort project in Cairns.