A Hong Kong billionaire will dump millions of dollars into the Queensland economy over the next few years, with plans approved for a $4.2 billion casino-resort complex in Cairns.

The 'Macau-style' resort will feature a staggering nine luxury hotels, an 18-hole golf course, a 25,000 seat stadium, 45,000sqm convention and exhibition centre, a massive aquarium and a casino spread over 750 acres of what is currently an operating sugar-cane farm. Plans also include a 20 hectare marine park.

The Queensland Government has given the plans a 'coordinated project' status, meaning it will now move on to environmental, social and economic approvals to be overseen by the coordinator-general's office.

The Aquis Great Barrier Reef Resort is expected to create more than 9,000 jobs during construction and 10,000 full-time jobs when operational, but locals say the project is “ludicrous” and should be set to face strong community opposition.

Developer Tony Fung has said the resort will “put Cairns on the map” and be the “jewel in Australia's tourism crown”. It has been planned to appeal largely to Chinese tourists, who make up a significant portion of the global tourism economy and have so far been seen as an untapped reserve for tourism facilities in North Queensland.