Chinese-backed ASF Consortium has revealed that it has been in talks with casino giant Caesars Entertainment Corp. about potentially teaming up on a A$3-billion integrated resort in Australia’s Gold Coast city.
ASF Consortium was selected by the Queensland government as the preferred bidder for the construction of the gambling complex. Louis Chien, Director of the investor group, has told local media that Caesars was only one of many casino operators they have been in talks with.
The official has also pointed out that growing interest from top-tier operators was indicative of the fact that there was room for another integrated resort in the state and that it will further boost the local tourism industry.
In 2013, the Queensland government opened an expression of interest process for the development of an integrated resort on Brisbane’s Queen’s Wharf site. Two more licenses were released later on and ASF Consortium was picked for the Gold Coast site.
As mentioned above, the developer is planning to invest A$3 billion in building a massive hotel and casino complex on a Southport Spit portion of land, located not far from the Sea World Gold Coast marine park.
In April, the Queensland government closed a consultation process with state residents and businesses, the results from which are yet to be announced. ASF Consortium will release more details about its project once it has more information from the enquiry.
It has also been understood that the state government is contemplating the possibility to issue another license for the construction of an integrated resort and a casino as part of it.
As for Caesars, news about the casino operator being interested in entering Queensland’s casino market spread last week. The company currently manages dozens of properties in different parts of the world, but it is yet to expose its brand to the Australian gambling market.
According to local media, Caesars’ International Development President Steven Tight traveled to the Gold Coast region last month to make due research on his company’s possible entry into the local market. It is still unknown whether the casino operator will partner with ASF Consortium or will pursue a separate bid.
The area currently hosts The Star Gold Coast casino resort, formerly known as Jupiters Gold Coast. The property is in the middle of a A$1-billion renovation project that will see it almost completely transformed.
When asked about potential competition from Caesars, Australian casino operator The Star Entertainment Group said that it is now entirely focused on renovating The Star Gold Coast and establishing it as a world-class resort destination.
