Queensland Government has selected a consortium led by Echo Entertainment Group as the winning bidder for the $2bn Queen's Wharf casino modification project in Brisbane, Australia.
Echo will partner with Hong Kong-based Chow Tai Fook Enterprises (CTF) and the Australian unit of Far East Consortium (FEC Australia) to operate as the DBC joint venture for the Queen's Wharf project.
The consortium will develop 1,100 new hotel rooms to turn the building into a Ritz Carlton Hotel. It will also feature 2,000 apartments for residential accommodation, along with provision for an underground shopping plaza.
Designs submitted for the bid include setting-up 12 football fields of open space, with public access to a planned 'sky deck' area featuring outdoor restaurants on the 25th floor.
The partners are expected to start development works in early 2017, with the casino project to begin commercial operations by 2022.
Echo will pay 50% of the development costs for the project and act as the operator under a long-dated casino management agreement. The remaining costs are likely to be equally shared by the other two consortium partners.