Hong Kong tycoon Tony Fung eyes stake in Australia's gaming market REEF Corporate Services, as responsible entity for the Reef Casino Trust, says it is in discussions with a company associated with Tony Fung, in developments that could see the Hong Kong billionaire gain a foothold in the local gaming market. In a statement to the Australian Securities Exchange, Reef said it had receIved a confidential non-binding indicative proposal from Aquis, a company associated with the Tony Fung family, to acquire all of the units in Reef Casino Trust at a cash price of $4.354 per unit. The proposal is subject to a number of conditions, including the completion of satisfactory due diligence, entry into definitive transaction documents and obtaining regulatory approvals. The Board of Reef Corporate Services Limited has established a committee of independent directors to consider the proposal," the statement said. Reef said its independent directors have granted Aquis access to due diligence materials. "A further condition of the proposal is that Aquis acquire Casinos Austria International (Cairns) Pty Ltd, the operator of The Reef Hotel Casino, and Reef Corporate Services Limited," the statement said. These acquisitions are in turn subject to Aquis acquiring Casino Canberra Limited. Reef said Casino Canberra is a wholly-owned subsidiary of Casinos Austria International. Casinos Austria International also holds, together with Accor Group, 100 per cent of the shares in the operator of The Reef Hotel Casino and Reef Corporate Services. "Reef Corporate Services understands that Casinos Austria and Accor Group, who collectively have a relevant interest in more than 70 per cent of the units in the Reef Casino Trust, have indicated that they would support the proposal if it proceeds and in the absence of a superior proposal," the statement said.