Star Entertainment Awarded Casino License for Brisbane
The Queensland government has awarded a casino license to Star Entertainment for their Queen’s Wharf Casino Resort in Brisbane. The new license will allow Star Entertainment to progress with the planning and development of the resort.
The casino license will be awarded to a joint venture entity, Destination Brisbane Consortium (DBC) of which Star Entertainment has a 50 percent interest. The entity includes Star Entertainment, Chow Tai Fook Enterprises Ltd based in Hong Kong and Far East Consortium (Australia) Pty Ltd and a branch of Far East Consortium International Ltd.
The entity is required to make a AU$213 million payment to the Queensland government once it has satisfied particular conditions, with Star Entertainment expected to make a payment of AU$77 million by October 27 as their share of the total payment amount.
Last year, the Star Entertainment Group outbid James Packer’s Crown Resorts for a new casino on the Queen’s Wharf site. In November 2015, it was agreed that the casino license granted to DBC would be valid for a 99 year term. The license includes an exclusivity clause that does not allow another casino to be located within 60km of the central business district in Brisbane for a period of 25 years from the time that gaming operations commence at the new Queen’s Wharf Casino.
While the development has been awarded a casino license allowing it to move forward with planning, it is still subject to planning approval. The developers are currently planning a casino, alongside a 1,100-room luxury hotel. There will also be a residential section to the development with 2,000 apartments.
Construction of the A$3 billion resort is planned to begin in 2017 with the hotel and casino opening in 2022.
March 30, 2017