ECHO SHORTLISTED FOR QUEEN'S WHARF PROJECT
Written on the 28 May 2014
THE Queensland Government has shortlisted Echo Entertainment Group (ASX:EGP) as one of the candidates to deliver an integrated casino and resort at Queen’s Wharf.
Echo is up against Crown Resorts Ltd, Shanghai-based Greenland Investment Pty Ltd and a joint venture between Hong Kong companies Far East Consortium and Chow Tai Fook.
Each company will create a detailed proposal for consideration, including plans for a casino and entertainment precinct.
Echo managing director and CEO Matt Bekier (pictured) says with the support of business partners, the company will create a mutually beneficial plan.
“Echo looks forward to the opportunity to work collaboratively with the Queensland Government and our partners to develop a compelling proposal that will result in major additional investment in tourism infrastructure in Brisbane,” he says.
In comparison to stand-alone casino developments in the past, the Queen’s Wharf will incorporate six-star accommodation, retail venues, restaurants and convention facilities.
Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney says the consortia are more than capable to deliver a project of this scale.
“These companies recognise the opportunity that Queen’s Wharf Brisbane offers in an international arena and the government expects very competitive proposals for this once in a generation opportunity.
“The next phase of the process will be an opportunity for the shortlisted proponents to demonstrate their vision and innovation in transforming this under-utilised but important part of the Brisbane CBD,” he says.
Seeney says the development will drive growth in the construction and tourism sectors.
“Our vision is to build on Brisbane’s characteristic strengths and create an iconic new world city that draws increasing numbers of international tourists and businesses to our capital.
“It will be a landmark development designed to be a drawcard for international tourists and businesses for generations to come,” he says.
A gaming license was offered in October last year to encourage high-class development in the nine hectare site next to the Brisbane River.
Each company must lodge complete proposals later this year, with the formal confirmation not expected until early 2015.