ECHO'S BIG BID

Written on the 23 June 2014 by Laura Daquino

ECHO'S BIG BID ECHO Entertainment Group (ASX: EGP) has announced a strategic joint venture for Queen’s Wharf Brisbane development project.

The company has signed a binding Memorandum of Understanding (MOU) with investment holding company Chow Tai Fook Enterprises (CTF) and property developer Far East Consortium Australia (FEC).

Based on complimentary services and expertise, and EGP and CTF’s strong balance sheets, the companies have formed the Destination Brisbane Consortium and a joint proposal will be submitted for the development of the integrated resort.

The consortium aligns EGP and CTF’s comprehensive Australian experience with FEC’s international hospitality operations particularly in Asian markets.

EGP managing director and CEO Matt Bekier (pictured) says the companies are looking forward to coming together for this “once in a lifetime opportunity”.

“We are delighted to work in partnership with two significant Asian based partners and the government to develop and submit a compelling proposal for the Queen’s Wharf Brisbane site, which will deliver major investment in tourism infrastructure including a world class integrated resort to Brisbane.

“An integrated development presents a once in a lifetime opportunity for transformational change across the city and south east Queensland.”

As stipulated in the agreement, EGP will contribute 50 per cent of the capital to the development of the Queen’s Wharf project and act as the operator under a gaming operator agreement.

CTF and FEC will contribute 25 per cent of the capital each and undertake the residential and related component of the project.



Author: Laura Daquino Connect via: Twitter LinkedIn

Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter