Three new licenses to be awarded in Brisbane as part of a strategy to boost tourism.
Australian government has announced it will issue three new casino licenses in the city of Brisbane. Eight yet-to-be-named parties have applied. The Echo Entertainment Group Ltd. and Crown Resorts Ltd. have both expressed interest.
Officials in the state of Queensland are looking to boost the local tourism industry and “put Queensland on the map.” According to Australian gambling laws, land-based casinos are legal but require approval from numerous levels of government.
Australia is becoming an increasingly popular destination for travelers from both sides of the Pacific, but especially for Asia. The new casino would offer table games and Australian poker rooms, among other amenities.
Big two compete for licenses
Echo is expected to be a major player in the upcoming development after its disappointing failure to obtain the contract for a project in Sydney. That contract was awarded to rival Crown, which will attempt to build upon that success in Brisbane.
Echo already holds licenses for three casinos in Brisbane. However, Crown has been taking an increasingly large market share in recent years. Echo’s shares fell from $3.78 to $2.60 after it lost out on the contract bid for Sidney.