Hong Kong billionaire Tony Fung has bought the Sheraton Mirage on the Gold Coast for $160 million.

The acquisition of the hotel, which he plans to turn into a luxury casino, brings his total investment in the Gold Coast to $280 million.

Mr Fung said he aims to develop the five-star beachfront Sheraton Mirage and Marina Mirage into an integrated casino resort precinct.

“The Gold Coast is one of those rare destinations that enjoys instant recognition throughout Asia,’’ Mr Fung told The Courier-Mail.

“But it has yet to reach its full potential.”

Mr Fung’s Aquis Group is also planning to construct the $8.15 billion Aquis Great Barrier Reef casino resort project near Cairns.

Earlier this week Aquis received Federal environmental approval for the project and is currently negotiating with the Queensland Government on the terms of an agreement which will allow it to proceed to the next stage of development

Mr Fung, plans to pitch Queensland as a tourism and education destination for China’s rapidly growing upper class.