Speaking at a community cabinet event in Cairns, Mr Newman said his government would take the time necessary to ensure it only awarded casino licences to "respectable, reputable business interests".

Meanwhile, the Queensland Commissioner for Liquor and Gaming, David Ford, has categorically rejected claims from Mr Fung that delays in approval of Mr Fung's bid to purchase the Cairns-based Reef Casino Trust were the fault of his authority and said any attempt to rush the probity process would harm the nation's casino industry.

Mr Fung has been in a race against time to own an Australian casino before the end of the year so he can list his company on the Hong Kong Stock Exchange in 2016.

This in turn would enable him to raise funds for his planned $8 billion Yorkeys Knob Aquis development.

He recently walked away from purchasing the existing Cairns Reef Casino, in a deal thought to be worth $260 million, blaming Queensland authorities for missing the probity clearance deadline his company had set.

However he confirmed his interest in the Canberra Casino, announcing he had been "assured" the ACT transaction would be completed "shortly".

Mr Ford said the failure of Aquis to obtain probity approval "was only one of a number of conditions of the bid, which was not met by the lapse date of 28 November".

"As I indicated in my media release of 24 October, OLGR has been attempting to work with Aquis to finalise this investigation in a way which would meet both its commercial objectives and the legislative and policy requirements for satisfactory finalisation of proper and complete probity checks," he said in a statement.

"This outcome has always required a very high level of co-operation between the applicant and the regulator.

"This was heightened by the very constrained time frame in which Aquis sought to finalise this matter.

"In these circumstances, it might have been expected that Aquis would respond by providing information and agreeing to interviews as quickly as possible.  This was not the case.

"Up until 28 November the investigation of Aquis had been a joint one between the ACT regulator and OLGR, with both groups being at exactly the same level of completeness in their investigations.

"I note that, in its approach to the ACT government, Aquis has both extended the time frame for probity approvals by a month and has agreed to participate in interviews as a matter of urgency.

"Regrettably, neither of these were offered to OLGR.

"The Australian experience has always been that casino licences – which are very valuable commodities – are issued only to those who have successfully completed the highest level of probity investigation.

"It could only harm existing licencees, the public reputation of the casino industry and the community generally for any lesser standard to be applied."

Mr Fung has expressed concern about the impact the failure of the Reef Casino bid would have on his Aquis development.

ACT Gambling and Racing Commission Chief Executive Greg Jones said the probity investigation into the Canberra deal was being jointly conducted with Queensland and was ongoing.

He said it was expected to be finalised by the end of the year.

Mr Newman said Queensland was working "hand in glove" with ACT authorities and would not be rushed.

"This government will always do the right thing in terms of the awarding of a casino licence or the awarding of a transfer of a licence," he said.

"We are absolutely committed to making sure that if casinos are run in this state, that they are run cleanly by respected, reputable business interests.

"It is important that all people wishing to invest in casinos submit to the process."

The government has previously been a vocal supporter of the Aquis project, which fits into its 'integrated resort development' vision for the state's tourism industry.

It offered three casino licences to any group that offered the best proposal to "put Queensland on the map" with its IRD.

The Aquis Group have been shortlisted to secure one of those licences, but it is dependent on the group passing the
necessary approvals.

Mr Newman said he remained a supporter of the project, but not at all-costs.