CRUISE TERMINAL DEVELOPER TIPS $10B TOURISM BOOM

Written on the 18 September 2014 by Nick Nichols

CRUISE TERMINAL DEVELOPER TIPS $10B TOURISM BOOM GOLD Coast cruise ship terminal could single-handedly supercharge growth in the Queensland tourism industry by a staggering 800 per cent, says project hopeful ASF Consortium.

The group, which had its wings clipped by the state government earlier this month with The Spit declared a no-go zone for development, has seized on the latest tourism growth figures to highlight the projected benefit the cruise ship terminal and casino resort will deliver to the state’s economy.

The government has revealed that the Queensland tourism industry has grown by $3.5 billion over the past three years, adding 27,000 new jobs to the economy.

ASF Consortium has forecast its integrated resort development on Wavebreak Island could generate $8.9 billion a year in new tourism spending alone and 12,275 new jobs by 2028.

“This represents growth in annual Queensland tourism revenue of more than eight times the current rate, generated from one project alone,” says ASF Consortium project director Allan Fife.

“To make a simple comparison, the annual increase in tourism revenue will grow from the current rate of $1.15 billion to $10 billion each year upon completion of all hotels and serviced apartments within the project.

“The project will also create new tourism jobs equivalent to more than a year’s worth of growth from the total tourism industry. This makes the Gold Coast cruise ship terminal and integrated resort development an essential addition to tourism in Queensland.”

Fife says the loss of The Spit as a development option will have no impact on the projected economic benefit as “adjustments will be made to the master plan accordingly’’.

ASF Consortium is basing its economic forecasts on research compiled by property advisory firm MacroPlan Dimasi.

“This project will attract a huge number of new tourists to the Gold Coast,” says Brian Haratsis, the managing director of MacroPlan Dimasi.

“The project’s emphasis is on new visitors and growing Australia’s share of the international market, not just shuffling around existing visitation,” he says.

“Based on pretty conservative analysis, the project will generate around 477,000 additional visitor nights on the Gold Coast by 2020 and then continue to grow from there.

“This visitation underpins the success of businesses operating within the project and also means big business for existing tour operators and tourism businesses across the region.”

The cruise ship terminal project is still undergoing the engineering and planning process and continues to be opposed by community groups, including the Surfrider Foundation.

The options for a terminal are either on the east side or north side of Wavebreak Island which will services about 75 cruise ships a year, bringing 170,000 passengers a year to the Gold Coast by 2020.


Author: Nick Nichols

Latest News

PROFIT BOOST FORECAST AT VILLA WORLD

VILLA World has forecast profit growth of 5 per cent in the first half of FY17 in an earnings guidance released to th...

WP CURVE SOLD TO GODADDY

NASDAQ-listed tech company GoDaddy has bought Gold Coast's WP Curve for an undisclosed sum.

The subscription-b...

BOARD SHAKE-UP TAKES OUT SURFSTITCH FOUNDER

ONLINE actionwear retailer SurfStitch Group (ASX: SRF) has announced a major board shake-up in a move that effectivel...

ORIGIN TO DIVEST UPSTREAM OIL AND GAS BUSINESS

ORIGIN Energy will spin off its upstream oil and gas business in an as-yet unpriced IPO.

It will allow the Sydney-...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter