Crown Resorts and a Chinese partner will prepare a detailed proposal to develop Brisbane’s Queens Wharf resort project.
Crown Resorts will team up with a Chinese partner to prepare a detailed proposal to develop Brisbane’s Queens Wharf resort project, including a casino.
Crown will partner with a subsidiary of the international Chinese diversified property group, Greenland Holdings Group, to deliver the proposal.
“Under the agreement, Crown will combine its experience and expertise in developing and operating large scale luxury integrated resorts with Greenland’s vast commercial and residential property development experience to form a consortium,” Crown said in a statement late Friday.
“If their bid is successful, Crown and Greenland will jointly develop a luxury integrated resort at the Queens Wharf precinct, including a six-star hotel and casino.
“Crown will manage the integrated resort and will have an ownership interest in that part of the precinct.”
Greenland will be the exclusive developer and owner of the remaining commercial, retail and residential components of the Queen’s Wharf site.
Crown’s chief executive Mr Rowen Craigie said Greenland was a strong and 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,” Mr Craigie said.
“I have no doubt that this consortium has the 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.”
Greenland’s managing director in Australia, Sherwood Luo, said his company was excited about this opportunity in working with Crown.
Rival casino operator Echo Entertainment has joined forces with Hong Kong’s Chow Tai Fook Enterprises (CTF) and Far East Consortium to jointly bid for the new licence.
Echo has already lost the bid for Sydney’s second casino licence to Crown, which plans to operate a VIP-only casino from 2019.
Prior to Friday’s announcement, Crown shares closed six cents lower at $15.28.