Monday 16. November, 2015

Operator of New Brisbane Casino to Pay Government $1 Billion

The new $3 billion Queen’s Wharf casino development will guarantee the Queensland Government more than $1 billion from the new operator. The development, which Premier Annastacia Palaszczuk finally signed off on on Monday morning, will be operated by the Destination Brisbane Consortium which includes the Star Entertainment Group, formerly known as Echo Entertainment, and their Asian joint venture partners Chow Tai Fook Enterprises and Far East Consortium.

The operators will pay the government $272 million by the time the casino resort opens in 2022 with the remaining bulk of the amount – $880 million – to be paid over the first ten years of its operation in gaming taxes.

State Development Minister Dr Anthony Lynham said that despite the ten year time frame, it is a significant amount of money. “It’s still a billion dollars. A valuable $1 billion to pay down state debt and boost our budget’s bottom line.”

The Premier stated that the project would have a significant impact on Queensland and its economy.

“We would expect to see more than one million tourists coming to south-east Queensland over the coming years.” This would result in an estimated $1.69 million in tourist spending per annum.

The building project would create around 2,000 jobs and together with a further 8,000 operational jobs there will be more than 10,000 jobs created.

The casino license will run for 99 years for a maximum of 2,500 gaming machines and an unlimited number of gaming tables and electronic gaming tables. It includes a guarantee of no additional casino within 60km of the Brisbane CBD for a period of 25 years.

Construction of the casino resort, which will include a 1,100-room luxury hotel, residential apartments and the casino, is due to begin in 2017.


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