Spooked by the volatile conditions of the global casino industry, Hong Kong gaming tycoon Tony Fung is bidding farewell to his six-year dream of building an $8 billion integrated casino resort in Australia.

In an interview with The Courier-Mail, Fung revealed he will no longer build the Aquis casino resort project, which has been touted to transform the city of Cairns. Instead, the businessman is “pushing ahead with plans to develop a $2 billion luxury hotel, apartment, and villa complex at the Yorkey’s Knob site.”

The businessman admitted that he had a change of heart after the global casino industry took a “nose dive” in the last two years.

“My original concept was casino-led,” Fung said, according to the news outlet. “But the whole casino industry is not the same as it was 26 months ago. It (Aquis GBR) has been six years and lots of time, money and effort on my side, but the market has changed.”