Casino Bids for Brisbane Complex Heat Up Between Billionaires

Things are heating up down under in the battle to develop a new casino resort in Brisbane, Australia.

On the shortlist are Hong Kong billionaire Cheng Yu-Tung and Crown Resorts Ltd.’s James Packer, who have been selected to send in the proposals to open the new gambling complex in the city center.

Queensland is a hot spot for tourism, thanks to the famous Great Barrier Reef, so local plans for the resort hope to emulate the casinos in Singapore, which pull in epic revenues that make the headlines in gambling news.

Billionaires get ready to fight for Brisbane casino resort

The relatively relaxed Australian gambling laws pave a smooth way for the project, and could even rival Japan in the Pacific Rim, since Japan plans to launch its first casino in time for the Olympics.

Who will win the bid remains to be seen. Asian entrepreneurs have had a good track record lately, with Tony Fung acquiring Aquis at the Great Barrier Reef Pty, along with Australian-listed Chinese investor ASF Group Ltd.,who will set up a casino on the Gold Coast.

Other bids have been turned down for the project, among which included Lend Lease Group and Skycity Entertainment Group Ltd, who wanted to set up a site at Queen’s Wharf on the river.

The proposed development will not only house a casino, but luxury hotels, designer shops, high-class restaurants and convention facilities.

The full proposals will be sent out later this year, with the winner being picked in 2015.