Australia: Battle for Brisbane casino license
With James Packer and Crown already pushing for the license along with third competitor Greenland Investment, however Echo desperately want to block Crown winning the license and competing against their existing 19-year-old Treasury Casino in Brisbane, where it also operates The Star in Sydney and Jupiters on the Gold Coast.
The deal will half the company’s share of the cost of the Queen’s Wharf tender, in what has been viewed as a move to ease the concerns of Echo investors.
Echo which has already lost the bid for Sydney’s second casino license to Crown, which plans to operate a VIP-only casino from 2019, does not want to lose out again.
Should Echo win the new Brisbane licence, it is expected to close the Treasury operation and build a new casino and six-star hotel development for an estimated US$ 1 billion.
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