ASIA & OCEANIA
Queen’s Wharf Brisbane Remains on Track
AUSTRALIA – Having finalised its pre-opening activities, Crown Resorts is expected to progressively commence non-gaming operations at Crown Sydney just before the New Year, following approval from the NSW Independent Liquor & Gaming Authority for an interim liquor licence for the Barangaroo casino.
Crown said: “The liquor licence has been granted for the period December 16, 2020 to 30 April 2021. Crown will be required to re-apply for a liquor licence for the period from May 1, 2021, which will enable ILGA to consider any suitability concerns arising from the ILGA Inquiry before deciding on an extension to the liquor licence.”
CHINA – According to Morgan Stanley, Macau’s six concessionaires are likely to have their licences renewed for a further three years by the SAR Government, abandoning initial plans to hold an open tender due to time restrictions caused by the coronavirus pandemic. Analysts Praveen Choudhary, Gareth Leung and Thomas Allen made the prediction, saying: “For open bidding to happen, Macau has to run a public consultation, and then put the new law in the Legislative Assembly (the draft is not ready yet), which could take more than a year. We do not expect this to happen in 2021/22 due to the time crunch. Similar to March 2019 (a year before SJM/MGM’s licenses expired), we expect this decision to be taken by June 2021 – a year before the expiry date in June 2022.”
SJM and MGM paid US$25m for their two-year extension in March 2019. Morgan Stanley believes a similar fee will be charged this time around.
JAPAN – Casinos won’t open in Japan until the latter part of the decade following government revisions delaying the previous target date of 2025. Confirmation of the delay was made at a joint sub- committee meeting. The application window for local governments interested in hosting an IR was recently delayed by nine months to October 2021. Only four localities have so far confirmed their intention to bid for one of the three IR licenses available with Osaka, Nagasaki, Wakayama and Yokohama city making their bids official.
Akira Amari, Head of the LDP's Research Commission on the Tax System, confirmed that winnings by non-resident foreigners at Japanese casinos would not be taxed. He said: “It would be meaningless if no one comes to the IRs after building them. We need to keep with international norms. It should be fine to employ the method of tax exemption based on international standards.” Japanese players would be taxed on winnings they declare in a similar way to horseracing, where tax is taken if winnings exceed a certain amount.
P22 NEWSWIRE / INTERACTIVE / MARKET DATA
Star Ent. Group’s CEO Matt Bekier believes the ‘fundamentals remain in place for Brisbane to become one of the world’s most sought-after tourism destinations’
Queen’s Wharf Brisbane will transform the CBD with four new luxury hotels, more than 50 new bars and restaurants, and up to 2,000 residential apartments
AUSTRALIA CASINO SUPPLIER NEWS
Te Star Entertainment Group’s CEO Matt Bekier has said that the 'fundamentals remain in place for Brisbane to become one of the world’s most sought-after tourism destinations' once the $3.6bn Queen’s Wharf project opens.
Te Star Entertainment Group is lead partner in Destination Brisbane Consortium, the joint venture delivering the transformational development which will create around 2000 jobs at peak construction and provide 8,000 jobs once fully operational.
“It’s incredible to see first-hand the progress made during what has been an incredibly difficult 2020,” Mr Bekier said. “We remain on target to open in late 2022 and remain fully committed to delivering what will be the best integrated resort in Australia. While domestic tourism will be the focus in the immediate future for Australian operators, we will emerge from the COVID crisis and the international borders will reopen.
“Tis is the only integrated resort development under construction in the world. It will be the best and freshest product on the market in two years’ time. Four world-class hotels, 50 restaurants, cafes and bars, 12 football fields of public space, including the
reinvigoration of riverfront areas, and up to 2000 residential apartments. Te fundamentals are there. We have every confidence in Queensland and in the tourism sector. We’re excited to be investing billions of dollars, together with our partners, in South East Queensland.”
At Queen’s Wharf, the entry to the new Te Star Grand Hotel and podiums levels are taking shape. From South Bank and the expressway, the form for the Riverline Terrace is visible, where future diners will enjoy views across the river and some of the finest produce in Queensland. Work continues to ramp up with more than 500 workers on-site, increasing to
around 2,000 late next year when trades are required to fit-out the hotels in the integrated resort as well as the greatly anticipated retail areas across the new build and heritage buildings.
Destination Brisbane Consortium Project Director Simon Crooks says the development continues to set benchmarks and milestones with more than 200 tonnes of steel arriving on- site each week to construct the podium.
“Te podium is where much of the fun will take place,” he said. “Free and accessible 24/7, the podium levels including the new world-class gaming areas, replacing the Treasury Casino, around 5,000m2 of new and exciting retail, restaurants, bars and of course the green public space atop the podium.
“Te 4,000 tonnes of structural steel required to build the podium, which helps speed up construction and provides a stronger product, is Australian steel fabricated in Beenleigh. All the precast concrete Multiplex has been using to build the five levels of basements and podium level is from Toowoomba.
“Te Neville Bonner Bridge piling has been completed at South Bank and mid-river after thorough engagement with near businesses and maritime services. Our contractor Fitzgerald have done a great job and will set about assembling the bridge from first quarter 2021.”
Te $3.6bn Queen’s Wharf Brisbane development is being delivered by Destination Brisbane Consortium – a joint venture led by Te Star Entertainment Group alongside its Hong Kong-based partners, Chow Tai Fook Enterprises and Far East Consortium. Queen’s Wharf Brisbane will transform the CBD with four new luxury hotels, more than 50 new bars and restaurants, up to 2,000 residential apartments and the equivalent of 12 football fields of public space when the development is complete.
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