Queensland State has awarded its Brisbane casino resort project to leisure and gambling operator Echo Entertainment Group Ltd. Following a tender process, the Queensland government awarded the Echo bid over the casino proposal submitted by James Packer’s Crown Resorts.
Echo will build a AUS $2 billion (£1 billion) casino on Brisbane’s river front, the investment will be by a consortium which includes Asian commercial property investors Chai Tai Fook Enterprises and Far East Consortium.
The granting of the Brisbane site, sees Echo bolster its Australian casino and leisure portfolio, which includes The Star Casino in Sydney and Jupiter’s Casino Resort in Broadbeach Island (Queensland).
Echo Group properties are hoping to cash-in on the declining performance of Macau casinos, which have been impacted by a Chinese state crackdown on gambling. Bloomberg Australia reports that China is Australia’s fastest-growing source of tourists and accounts for 18 % of trips taken, almost as much as the U.K. and U.S. put together.
Echo Group claims the site will provide 8000 jobs and attract an extra 1.39 million people annually to the city.
The loss of its bid for the Brisbane casino project, represents a blow to James Packer’s Crown Resorts, who have suffered deeply by the declining performance of its Macau projects. Financial analyst have projected that Crown Resorts will post a 6% net profit decline of $480 million
Echo Entertainment Group Brisbane Casino video