The Capricorn Resort recently announced it's closure.
The Capricorn Resort recently announced it's closure. Contributed

Iwasaki's 9 month target for state approval for new resort

THE owners of the Capricorn Resort have set themselves an ambitious nine-month target to achieve State Government approval for their $600m redevelopment.

Livingstone Shire mayor Bill Ludwig said Iwasaki Sangyo CEO Yoshitaro Iwasaki had indicated the "ambitious" time frame to council earlier this week when advising of the decision to shut down the accommodation section of the business.

"Mr Yoshitaro Iwasaki has advised the company will be making every effort to acquire the approval in nine months," Cr Ludwig said today.

"Council also understands that once the approvals are in place the company would like to see the first stages of its ($600m) Master Plan operational within five years."

The Bulletin believes the first stage includes a new resort.

"Council will be looking to provide every assistance, as I'm sure the government will, in facilitating the required approval processes," Cr Ludwig said.

Mr Iwasaki has said that the scale of investment required for a master plan of that scale would be beyond the capability of his company to do alone.

It's believed the company is currently in negotiations with Australian and overseas potential investment partners.

The resort currently employs about 55 full-time staff and 80 part-time but it's not known how many will be lost when changes to operations take place next month.