Crown Aims to Win the 2nd Brisbane Casino License
Crown Entertainment has lost the right for building a new casino in Brisbane, the Queen’s Wharf casino, after being one of the frontrunners. It has lost these rights to the Destination Brisbane Consortium, which includes Far East Consortium, Chow Tai Fook Enterprises and the Star Entertainment Group. After the sting of that loss, it seems that Crown Entertainment is not slowing down, as it is now one of the frontrunners for a 2nd Brisbane casino license that will be located in the very heart of Brisbane.
Crown Resorts as well as the ASF Consortium (which is Chinese backed) are in the process of negotiating the operation of the proposed Brisbane casino, following a deal that was made in 2015 with the Palaszczuk government. This deal includes the foundation of a casino property that is located beside the Sea World and the luxurious hotel, the Palazzo Versace. This proposed casino is expected to span over 5 hectares. The Broadwater Marine project at the Gold Cost, which has a budget of 7.5 million dollars as well as the Aquis Prokect at the Cairns, which has a budget of 8.15 billion dollars were both chosen by the government of the state in order to receive casino licenses in Queensland, following 3 integrated developments for resorts, which included the Queen’s Wharf. These projects were proposed by the previous Newman government in order to boost the construction and the tourism attractions to benefit the economy.
Despite the concerns that were raised by the government of Queensland regarding the pretty high level of involvement of the Chinese state owned entities in the bid, the ASF has showed its interest to operate the previously mentioned proposed Brisbane casino. The ASF group, which is listed in the Australian Stock Exchange is the entity leading the consortium, on the other hand, there are 2 Chinese state owned companies who are partners in this consortium, they are Chinese State Engineering and CCCC Guangzhou Dredging. These two names are expected to be providing equity when it comes to building the project.
The ASF has stated that winning the approval for a Brisbane casino license on its own is not going to be an easy task, and this is why it preferred to bring in a well known casino operator into the bid, and it is known that the Crown Resort group is the preferred choice for the ASF. The bidders are always required to show that they have the needed experience when it comes to operating and managing a casino, as was stated by the spokesman of the Office of Liquor and Gaming of Queensland. This is why it makes sense that the ASF choice for a casino partner to be Crown Resorts, which has a lot of experience in casino operations and management.