CROWN JOINS FORCES WITH GREENLAND FOR BRISBANE CASINO

Written on the 21 July 2014

CROWN JOINS FORCES WITH GREENLAND FOR BRISBANE CASINO

CROWN Resorts Limited (ASX:CWN) has partnered with Greenland Holdings Group, to bolster its bid for the Queen’s Wharf precinct.

Crown and the Chinese diversified property group will co-develop a proposal for the luxury integrated resort, featuring a six-star hotel and casino.

CWN CEO Rowen Craigie says the team is pleased to align with an experienced company.

“Crown’s experience in designing, developing and operating luxury integrated resorts complements Greenland’s extensive property development experience in China and around the world,” Craigie says.

“I have no doubt that this consortium hasthe track record and drive that can deliver for Brisbane an iconic tourist, entertainment and residential precinct that is recognised globally and embraced by the local community.”

If successful, the Victorian entertainment group will own and manage the resort – while Greenland will control the remaining commercial, retail and residential sectors of the site.

Greenland Australia managing director Sherwood Luo says Crown is an influential leader in the global casino and hotel market.

“Together with Greenland’s considerable expertise in delivering large urban complexes and residential landmarks we feel this international consortium can deliver a superior development for Queen’s Wharf,” Luo says.

The announcement follows Echo Entertainment Group’s (ASX:EGP) strategic partnership with former rivals Chow Tai Fook Enterprises and Far East Consortium Australia last month, to secure the deal.

The successful developer is expected to be announced early next year.


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