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Echo Entertainment gets the Destination Brisbane Consortium

Published on July 26, 2015, 10:47 am

by Jeff Grant Twitter account Jeff Grant LinkedIn account

Premier Annastacia Palaszczuk recently affirmed that the space covered by the Echo-led bid was amazing. Also, the greater count of restaurants along with the options of four, five and six-star hotels won its heart. It was on Monday afternoon when Cabinet approved the bid put forward by the independent panel.

According to Ms Palaszczuk, the most impressive part was the huge space that people would get to enjoy. Destination Brisbane Consortium successfully proved to the government that they were geared up to move forward with their plan. Brisbane needed this kind of financial security (which has not been elucidated by Ms Palaszczuk) while minimizing any risk. Thus, the latest revelation about Queens Wharf development was exciting for the capital city of Queensland.

Premier Annastacia Palaszczuk
Premier Annastacia Palaszczuk is amazed by the huge space covered by the Echo-led bid.

While she expressed her gratitude for both the bidders, she said that the winner had to be just one.

It was former premier Campbell Newman who pushed for these resort developments. Also, Jeff Seeney, his deputy, looked forward to projects which could make Queensland worth entering the map.

Developers received licenses for the casino as carrot so that they develop signature resorts which not only give a tough antagonism to those in the east coast, but those in Asia as well.

Ms Palaszczuk avowed that the process was started by the LNP former government. Nevertheless, it was her government to deliver, and only they would ensure that the construction was taking place under strict supervision. Also, they would provide numerous opportunities to Queensland residents to grab jobs in the novel integrated resort development.

According to her, as many as three thousand jobs are in the pipeline for the construction phase, while a total of 80,000 jobs would further be added on completion of the project. In the opinion of State Development Minister Anthony Lynham, the project will turn out to be truly transformational for the city of Brisbane. It will be doing the same job that was done by South Bank back three decades.

The projects are to be led by David Edwards, who earlier was Mr. Seeney's director-general and now works in the same position with Dr Lynham.

The bid that failed was put forward by rival Crown along with its Chinese partners. The same had in plan three hotels with a rooftop equivalent to the Gabba football stadium in size, pools, a bridge to South Brisbane, public gardens and a waterfall.

It was in last December when the short-listed bids like Destination Brisbane Consortium, the Greenland Holding Group and Crown consortium, and Far East and Chinese Chow Tai Fook, based in Hong-Kong, were proclaimed. An announcement in early 2015 made the project run into a timing bump. It was after a change in power at the election in January.

Destination Brisbane Consortium
Echo Entertainment wins the bid for Destination Brisbane Consortium that will stretch from Queen Street to Alice Street.

Echo owns the license of the city’s existing casino at Treasury Casino. Though, it was largely believed to come up as the winning bid, some more months were asked by the Palaszczuk government to assess the odds of George Street Executive Building retention, which falls amid the planned project. Nevertheless, the government gave up in June and declared that the Newman administration-commissioned the Newman administration named 1 William Street would include the government and bigger public departments.

It was this month when the final bids came forth. Echo accepted an overhaul worth $345 million of Gold Coast’s Jupiters Hotel and Casino and started with the same on Lands Administration Building where its existing Brisbane casino was located. Its Townsville interest was sold in January 2014 to focus on its properties in the southern Queensland.

Echo said that if it won the latest bid, its headquarters would be moved from Sydney to Brisbane. Recently, its share rose as the investors believed it to have triumphed in the Queensland casino battle.

The Brisbane casino development may commence in 2017 and may take almost 6-10 years. With the Echo win, the count of Queensland casinos has become four. However, Cairns and the Gold Coast licenses have been given if the right project is proposed.

The new development will be worth multibillion dollars, stretching from Queen Street to Alice Street. It would include an underground shopping mall, five new hotels – three may be six stars, "skydeck”, and a new Lyric Theatre. As many as 12 public space football fields are also in the pipeline.


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