Echo Entertainment Group has formed a consortium with Chow Tai Fook Enterprises and Far East Consortium (FEC Australia) to prepare a joint proposal to develop an entertainment precinct and integrated resort at the Queen’s Wharf Brisbane site.
The parties signed a memorandum of understanding to combine their resources and become the Destination Brisbane Consortium.
The consortium will develop and submit jointly a proposal for the Queen’s Wharf Brisbane Project.
"The Destination Brisbane Consortium brings together Echo’s extensive Queensland and broader Australian experience in operating integrated resorts with CTF and FEC’s international hospitality operations, mixed use development expertise and strong links into Chinese and other Asian markets," the consortium said.
FEC Australia is a subsidiary of Far East Consortium International Limited (FEC).
As part of the agreement, Echo will contribute 50 per cent of the capital to the development of the integrated resort and act as the operator under a long-dated gaming operator agreement.
CTF and FEC Australia will each contribute 25 per cent of the capital to the development of the integrated resort and together will also undertake the residential and related component of the broader Queen’s Wharf Brisbane development.