Groundbreaking planned for 2017
Echo Entertainment took a big step forward in its plan to develop an AU3 billion (US$2.1 billion) casino resort in Brisbane, the capital city of Queensland, Australia. Echo and its Destination Brisbane Consortium, including Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium, have signed a deal with the government to move ahead with the massive development.
GGRAsia, citing a filing by Echo, reported that the partners have formed two joint ventures, one for the casino resort and one for a residential development; collectively they are referred to as Queen’s Wharf Brisbane.
Of a total investment of about AU3 billion, two-thirds will go toward the casino resort, which will include 1,100 hotel rooms. The residential portion will include approximately 2,000 apartments. The partners also must pay AU272 million to the Queensland government when the casino opens.
Echo will kick in half of the casino resort’s capital costs and operate the gaming hall. Its Asian partners will add 25 percent each of the casino resort’s capital, and split the capital costs of the residential component, GGRAsia reported. The project is expected to break ground in 2017 and open in 2022.
“We are excited to have finalized and signed the development agreements with the Queensland government to progress our vision to develop Queen’s Wharf Brisbane into a globally recognized integrated resort that competes with the best in Macau, Singapore and any other destinations worldwide,” said Echo Chief Executive Matt Bekier.
The deal also gives Echo a 99-year license term and an exclusivity clause that prevents any other casino from opening within 60 kilometers (37.3 miles) of Brisbane’s central business district for 25 years.
On the verge of the multibillion-dollar development, Echo will change its name to Star Entertainment Group. According to Yahoo Finance, the Brisbane development will be known as the Star Brisbane; the Star casino in Sydney will be rebranded next year. The company’s Gold Coast Jupiters Hotel and Casino will be renamed the Star Gold Coast. Its Treasury Casino and Hotel in Brisbane will be renamed Treasury by the Star in 2016.
The existing Treasury Casino and Hotel will be repurposed into shops and hotel accommodation after the new resort opens.
