Queen’s Wharf Casino Worth AU$1 Billion to Queensland

Published on Tuesday 17th November 2015, 10:04 am
Posted in: Casino Business

Casino Business

The contract that will set into motion the development of the Queen’s Wharf casino resort in Brisbane was signed yesterday, with projections suggesting that the state of Queensland will bank over AU$1 billion directly from the owners of the operation. Star Entertainments have paid a commitment fee of AU$5 million already and will also be liable for AU$272 million in payments to the Government and an estimated AU$880 million in state gaming tax over the first ten years of its existence.

The overall cost of the project is likely to hit AU$3 billion and will see construction of the integrated casino resort as well as large-scale developments for public spaces. The building process is likely to create 2,000 jobs, with another 8,000 operational staff taken on later, seeing employment at the site peaking in 2021 as it gears up for opening to the public in 2022.

State Premier Annastacia Palaszczuk and Queensland Development Minister Anthony Lynham met with senior officials from Star Entertainment Group yesterday to put pen to paper on the deal, which will see the initial demolition of buildings begin in 2017. As part of the agreement, Star will receive a 25-year exclusivity period for casinos within a 60km radius of the Brisbane city business district.

Premier Palaszczuk confirmed to the press the cash from the deal would be used to pay down debt on Queensland’s budget.

The casino’s licence runs for 99 years and it will offer players up to 2,500 gaming machines as well as gaming tables and electronic gaming machines. The Queen’s Wharf announcement comes three months after ground was broken on another massive casino project in Queensland. The Jupiters Hotel and Casino on the Gold Coast, operated by Echo Entertainment, will offer a six-star hotel with private balconies allowing VIP guests stunning views of the Pacific Ocean.

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