Skase owned five resorts as well as interests in the Seven Network television station and the Brisbane Bears VFL club.
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Interest rates had risen, and an attempt to buy the MGM film studios fell through.
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On the eve of the 1990 economic recession, his two "Mirage" resorts in Port Douglas, Queensland were among the largest in the country and Skase played a key role in putting the formerly small town on the international tourist map.
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