Chow Tai Fook to partner in Brisbane casino
Chow Tai Fook has signed up as a partner in a casino-anchored integrated resort in Brisbane.
Besides a gaming area, the resort will incorporate entertainment and retail facilities.
Subsidiary Chow Tai Fook Enterprises, a subsidiary of the Hong Kong-listed jewellery giant, is partnering with Sydney entertainment group Echo and Melbourne property developer Far East Consortium to develop Queens Wharf Brisbane.
The development, which will be undertaken by the three companies’ JV vehicle Destination Brisbane Consortium, will build a casino on the wharf to replace the Treasury casino in the city’s downtown.
But construction will not start until 2017, with an opening date in 2022.
Chow Tai Fook’s involvement is based on the likelihood of a high number of Mainland Chinese visitors expected to use the casino in its new location. The jeweller will use its loyalty card program to attract gamblers, who will make up a share of the 1.4 million new tourists the facility is expected to attract when it opens.