The group behind the $3 billion casino and resort proposal at the Gold Coast's Spit are "deeply shocked" by the Queensland government's decision to dump the development.
ASF director Louis Chien has accused the government of backflipping for political gain and warned of the impact on investor confidence in Queensland.
On Tuesday, Premier Annastacia Palaszczuk announced the government was canning the ASF proposal, which was welcomed by some in the community.
But Mr Chien told Fairfax Media the consortium was deeply shocked and disappointed by the Queensland government's "snap decision".
"We've been a model proponent with this government with the project, which can be delivered at no cost and no risk to the ratepayers of Queensland and it was basically terminated for no good reason," he said.
"We didn't choose the site, and then we won the international tender, so as the preferred proponent we had worked collaboratively with government over the last three years, checking every box along the way."
Mr Chien said ASF had spent "tens of millions of dollars" on the process, and the project would generate 13,000 jobs.
He accused the government of dumping the proposal for political reasons.
"So without any consultation or engagement with us, the project was abruptly terminated by a political decision that basically rejects the will of the community, as shown by the different consultation reports," Mr Chien said.
"We feel like we've been misled in this game of political hide-and-deceive.
"I think this government backflipped in glorious fashion on the many to appease the few."
ASF entered the integrated resort process in 2013 and were named as a possible preferred proponent in 2014 by the Newman LNP government.
After winning the 2015 election, Labor dumped the Wavebreak Island development, but allowed ASF to put forward proposals for a new casino and integrated resort at the Spit without a cruise ship terminal, with artist impressions released in December 2016.
Mr Chien said the decision "cast a very long shadow" and would be watched by other investors.
"We're reviewing all of our plans at the present moment, nothing is off the table, including legal action," he said.
"Capital is fluid and so this certainly brings into question why would any sensible investor look at coming into Queensland under such an uncertain climate when a longstanding existing investor such as us ... we've been here for over a decade.
"And to be treated this way says a lot about the current uncertain climate in Queensland."
A Palaszczuk government spokesman said the government took into account extensive consultation and research going back to 2015 in making the decision to announce a masterplan for the Spit.
"The process deed with ASF allowed the government to terminate at any stage," the spokesman said.
"ASF has been aware of the significant constraints in progressing the project and understood that its proposal needed to be progressed at its own risk. ASF will be refunded all monies lodged with the state."
The spokesman said the masterplanning process would allow the government to get the balance right between appropriate development on the southern part of the Spit and preserving the parklands.
He said the government was working with investors, employers and the community on the Gold Coast to create jobs before and after the 2018 Commonwealth Games.
The new masterplan will adopt the City Plan, which means height restrictions of three storeys and will not preclude development on the Spit.
A casino licence will still be available for the Gold Coast.
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