Thursday 15. October, 2015

Echo Entertainment Targets Chinese Players

One of Australia’s leading gaming and entertainment companies, Echo Entertainment has revealed that their business model for the new development at the Brisbane Queen’s Wharf waterfront will target Asian visitors, particularly those from China. With the price of the dollar at a historical low and the requirement for tourism in Australia at a peak, Australian entertainment groups are expecting an influx of visitors from overseas.

After winning the $2 billion bid for the waterfront development, Echo Entertainment will be working to attract their share of the overseas visitors. Australia’s fastest growing group of overseas visitors is from China with an increase of 21.7% from 2013 to 2014 when 918,000 Chinese visited Australia, slightly behind the number of visitors from New Zealand. In 2014, they spent $5.7 billion, up 19% from the year before.

These expectations come despite the fact that Beijing has announced its plans to more tightly control capital leaving the country. An increase in restrictions could decrease the number of visitors coming from China to Australia.

Chinese visitors make up a significant number of VIPs at Australian casinos as their high-rollers avoid venues such as Macau which are closer to home, due to the anti-corruption campaign in Beijing. In the last year, earnings from high-rollers in Australian and New Zealand casinos has increased 40 to 60 percent. If these capital restrictions are put in place, Echo Entertainment may be affected.

The company’s chief executive, Matt Bekier remains optimistic insisting that Australia is the most desired destination for Asian tourists.

Building is scheduled to begin in late 2016 with the complex opening in 2022.

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