Crown Resorts teams with Greenland on Brisbane casino

    Crown Resorts said it has joined forces with Chinese property company Greenland to jointly bid for a license to develop a casino in downtown Brisbane, Australia.
    The announcement, made in a filing to the Australian Stock Exchange, comes shortly after rivals Echo Entertainment and a consortium of Asian investors including Hong Kong’s Chow Tai Fook Enterprises and Far East Consortium International, also said they were joining forces to bolster their hopes of securing the permit.
    Crown said it’s pairing its experience in operating large-scale luxury resorts with Greenland’s extensive commercial and residential property experience to prepare a joint bid for the Queen’s Wharf site.
    If successful, they plan to build a six-star luxury resort and casino. Crown will manage the resort and will have an ownership stake in that part of the project. Greenland will be the sole owner and developer of the residential, retail and commercial real estate.
    “I have no doubt that this consortium has the track record and can deliver for Brisbane an iconic tourist, entertainment and residential precinct that is globally recognized and embraced by the local community,” Crown CEO Rowen Craigie said.
    Queensland is offering three casino licenses in a bid to boost tourism and the economy.
    Hong Kong billionaire Tony Fung is planning to build one of the world’s biggest integrated resorts, with an investment of about A$8 billion ($7.40 billion), just outside of Cairns and is also seeking to buy the Reef Hotel Casino in Cairns. State-backed ASF China Property Consortium wants to build a A$7.5 billion casino and cruise ship terminal at the Gold Coast.
    Both of the regional licenses are now pending final environmental assessment and other approvals. Though Fung’s plans recently hit a snag, when The Australian Competition and Consumer Commission raised concerns about Aquis Reef Holding’s planned acquisition of the Reef Hotel saying it may affect consumer choice.
    Echo currently holds a license to operate a casino in Brisbane.