Queensland Eyes $14 Billion China-Backed Casinos to Rival Echo
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The government of Australia’s Queensland state will study proposals for two new casinos backed by Chinese and Hong Kong investors, challenging Echo Entertainment Group Ltd.’s hold on the local gambling market.
Aquis at the Great Barrier Reef Pty and ASF Consortium Pty will be allowed to submit detailed plans for new resorts in Cairns and the Gold Coast, the state’s Deputy Premier Jeff Seeney said in an e-mailed statement today. Echo has the only casino in the Gold Coast and would have to reduce investment in the site if a second project was allowed in the city, former Chief Executive Officer John Redmond said in an April 2013 interview.