The Queensland government granted the casino operator a license for a multi billion dollar project in Brisbane.
Australia.- Star Entertainment received an official casino license from the Queensland government for a US$2.1 billion integrated resort at the multi-billion-dollar Queen’s Wharf development in Brisbane. The casino will open its doors to the public on 2022 and it will have a 25 year exclusivity deal to operate the casino within 60 km of the Brisbane Business District.
The license will be issued to Destination Brisbane Consortium, a joint venture entity that Star Entertainment holds a 50 percent interest. Destination Brisbane Consortium is a consortium integrated by Star Entertainment, Far East Consortium and Hong Kong’s Chow Tai Fook Enterprises Ltd and the grant of the new casino license triggers the obligation to make a payment of US$162 million to the government.
The construction of the project is expected to start in 2017, and it will require US$685 million to be developed. The casino license is valid for the next 99 years and the company is planning to relocate its casinos and more than 1600 slot machines to the new facility.