Ms Palaszczuk said the decision to knock back ASF plans for The Spit did not mean the end of another casino and integrated resort for the Gold Coast, but after years of planning it seems unlikely there will be any developments soon.
In July it was reported that Queensland could play host to two new casinos on Australia's Gold Coast, with some alleging that Queensland Premier, Annastacia Palaszczuk has certain reservations about the proposed developments.
While the project would have created large numbers of jobs, the Queensland government has made it clear it wishes to preserve the natural environment of this part of the Gold Coast for generations to come.
"This is a unique site - the equivalent to what Central Park is to NY". "I am not going to do that", she said.
Queensland's government has argued against the rejection of project causing losses of jobs - or potential jobs - saying that it is highly likely that the Spit will have other opportunities for investment in the future.
"What the Spit really needs now is a master plan to revitalise it and increase its benefit to the Gold Coast as a community asset".
Instead, the government will develop a master plan over the next 18 months for the area, including an enforcement of a three-storey height restriction on any development.
Save Our Broadwater vice-president and former Labor state MP Judy Spence said the mayor already spent $3 million in ratepayer funds on feasibility studies and deviated from his original intended use for the terminal.
"This locks in low-density, three-storey development for our future generations", she said.
There were reportedly also concerns that the development and subsequent construction of the integrated casino resort on the Gold Coast would potentially lead to various transport disruption.
Opposition Leader Tim Nicholls said the decision had sent a message the Queensland government was "closed for business".