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Echo Entertainment wins the casino project in Brisbane
The casino proposal of Echo Entertainment was chosen for the creation of a gaming establishment on the Queen Street Wharf in Brisbane, Australia. Two operators, Echo Entertainment and Melco Crown Entertainment, filed an application for the casino game development in Brisbane, but this is the first proposal that was adopted by the Queensland Government. According to Queensland Prime Minister, Annastacia Palaszcuk, it will be the largest investment in Brisbane since the construction of SouthBank 30 years ago. The casino project of Echo Entertainment represents an investment of $ 2 billion, which includes five new hotels in 2,500 apartments, several restaurants and bars, public areas, and a high-end gaming area. Echo preferred to focus on a single casino, which, according to the Director of Echo in Queensland, Geoff Hogg, should attract Asian high rollers.
The Executive Director of the company, Matt Bekier, believes that this property will be a potential competitor to Macao, Singapore and other casino gambling destinations in the world. The decision of the government of Queensland has been accepted by Melco Crown Entertainment although James Packer was not able to hide his disappointment. However, shareholders had to breathe a sigh of relief following this decision as the proposed $ 4.3 billion of Macao Studio City is already a big bet for the company as competition intensifies and gambling revenue in Macau continued to decline. James Packer company is currently short of money, and some shareholders fear the worst with funding another project.
Source: Oliver JOHNSON
Monday, 27 July 2015
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