It would seem that 2018 will finally see the final Queensland casino resort being built. After many failed deals and issues for developers, the Destination Brisbane Consortium has won a bid. However, the troubles of Queensland’s next casino may be repeated for the Aussie company. Other bids were consistently opposed despite receiving the same approval from officials.
On the other hand, the proposal from a majority Australian collective may be what Queensland was looking for. After all, ASF Consortium and Caesars Entertainment are overseas operators. Their partnership would have seen a casino resort built in Gold Coast City. Unfortunately, the local community opposed both bids for locations in the Southport Split. The Sunshine Coast also proposed a casino resort for their new Central Business District.
Destination Brisbane Consortium Development
Destination Brisbane Consortium is owned primarily by Star Entertainment (who hold a 50% stake), as well a unit of Far East Consortium Pty Ltd and Chow Tai Fook Enterprises Ltd. Their plan of development, which was approved by the Queensland government. It includes a proposed casino resort for the Queen’s Wharf area, and plans to renew ‘waterfront public areas’ and add a residential area.
The move was announced by the government and Star Entertainment. The casino operator later filed with the Australian Securities Exchange to further confirm the agreement. According to official reports, the Brisbane project is expected to deliver:
- More than AU$1 billion (±NZ$1.1 billion) to state coffers.
- AU$1.69 billion (±NZ$1.86 billion) annual increase in tourism spending.
- 39 million extra tourists per year.
- 12 acres of ‘enhanced’ open public space.
- A new pedestrian bridge, the Neville Bonner Bridge, from the CBD to South Bank.
New Brisbane Wharf
The casino project is expected to begin after the Destination Brisbane Consortium development has improved surrounding areas. This is likely what motivated officials to approve their project above ASF Consortium, who proposed to remove public spaces. However, this is only speculation at the moment. We’re looking forward to seeing how this deal could improve Brisbane in the next few years.