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The construction of the combined resort component of the Queen’s Wharf Brisbane scheme is underway. The construction is “on time and budget” noted an investor who is part of the scheme. The Far East Consortium International Ltd provided the update in its latest annual report filed on Tuesday.
This much-awaited Brisbane casino resort scheme is going under the development of the Destination Brisbane Consortium, which is in a joint venture between Far East Consortium, Hong Kong-based Chow Tai Fook Enterprises Ltd. The Australian casino operator, The Star Entertainment Group Ltd is also part of the deal.
The annual results from the Far East Consortium gave an indication that the Destination Consortium has recently managed to secure a credit facility of AUD1.6 billion (US$1.1 billion). This credit facility is for the construction of the scheme, which is supported by a well-diversified group of banks.
The waterfront Queen’s Wharf Brisbane project resides on 9.4 hectares (23.2 acres) at Queen’s Wharf. It consists of three residential towers. Three hotel towers, food and commercial outlets along with the exciting casino space.
The construction works on Queen’s Wharf Brisbane project kick-started in January 2017. According to the official construction report, this project will be complete by the end of the fiscal year 2023.
Queen’s Wharf Brisbane Thrive under the Global Pandemic
The Far East Consortium is in control of a 25% stake in the Brisbane scheme. This comes also with an equity investment amount which is close to AUD300 million. Moreover, the Chow Tai Fook Enterprises is in possession of 25% of the resort component, whilst Star Entertainment is in possession of 50% of the deal.
Furthermore, the residential part of the Brisbane scheme has two main owners. The Far East Consortium owns the half of the scheme, and Chow Tai Fook Enterprises owns the other half.
Even though the global coronavirus pandemic is still dragging on all over the world. The Far East Consortium indicated in its annual report that it is aiming to hold for long-term its investment in the available share of the Star Entertainment.
In addition, the group-wide annual profit attributable to its various owners in the fiscal year to the month of March 31 clear-fell by 78.7% from last year, to HKD365.9 million (US$47.2 million) on the revenue close to HKD7.45 billion to 8.9%.
Final Thoughts
This casino initiative by some of the biggest casino players will surely bring some cheers to Aussie gambling space. Once the Queen’s Wharf Brisbane is complete. Real money casino gamblers will surely flock their way to this amazing betting venue.
A wide range of casino games will be available encompassing high stakes table games and slot machines.