The Aquis Great Barrier Reef Resort Group says it is hoping to purchase the Reef Casino Trust and associated entities for $276 million.

Aquis CEO Justin Fung says if successful, it hopes to continue operating the Reef Hotel Casino in the Cairns CBD as an extension of its proposed casino at Yorkey's Knob.

He says it's in talks with the State Government about whether it would need to apply for another casino licence.

"This is not an anti-competitive move in any way," he said.

"As of right now, Cairns has one casino, if it changes ownership that fact does not change.

"When we build Aquis it will be a large integrated mega-resort that will actually increase competition nationwide for the international tourist market."

Mr Fung says Casinos Austria and Accor - which hold more than a 70 per cent interest in the Reef Casino Trust - have indicated support for the bid.

"The positives for Aquis in acquiring Reef would be that we could start business immediately rather than wait until 2018," he said.

"We can start to target the international tourism market now.

"Cairns can benefit from that and you know the Reef actually offers us a tremendous asset in the staff currently employed there."

Source: ABC News, 13 November 2013