Star Entertainment the operator of Sydney’s Star, Jupiter’s on the Gold Coast and Treasury Casino in Brisbane has been formally granted a new casino licence for Queen’s Wharf Brisbane. The Queensland state government has granted this Australian casino operator the green light to commence with this Queens Wharf Brisbane casino. Star Ent in an announcement in a filing to the Australian Securities Exchange on Friday said that it has secured a license for its casino, which states that it is permitted to commence upon completion of the project.
Destination Brisbane Consortium(DBC) which comprises of Star Entertainment, Hong Kong bases Chow Tal Fook Enterprises Ltd and Far East Consortium(Australia) Pty Ltd. a unit of Far East Consortium International Ltd is required to make a payment of AU$213 million (US$161.83 million) to the Queensland Government upon the satisfaction of certain conditions. This amount as per Star Entertainment’s share which is AUD77 million is expected to be paid by October 27.
Star Entertainment said “The casino license will be issued to a joint venture entity of which The Star Entertainment Group has a 50 percent interest.”
The total capital expenditure estimated at nearly AUD 3 billion (US2,1 billion) will be split 50:50 between Star Entertainment and its two outside partners . This includes hotels, a casino and a residential complex. Last year the Star Entertainment Group which was formerly known as Echo Entertainment beat their rival James Packer’s Crown Resorts bid to build a new casino in the Queen’s wharf site.
In November 2015, as per the agreement it was stated that DBC’s casino licence should be for a term of 99 years with an exclusivity clause barring any other casino within 60 kilometres of Brisbane central business district for a 25 year period from the start of gaming operations at the new casino resort. The Brisbane development which is still subject to planning approvals will feature a 1100 room premium hotel and a casino with other facilities. In addition to this its residential portion will feature approximately 2,000 apartments at an estimated worth of AU$900 million (US$683.67 million). Construction on this project is to start in 2017 and to be completed by 2022. The Queen’s Wharf Brisbane has an expected budget of A$2 billion and with this projects development which will include 1100 premium hotel rooms over 50 food and beverage offerings and signature gaming facilities will also come up to serve guests in the best way possible.
