Crown announces Brisbane pairing with Greenland
Australia’s Crown Resorts Ltd is teaming up with a subsidiary of Chinese property developer Greenland Holding Group Co Ltd to bid for a casino resort in Brisbane (pictured).
“Crown will combine its experience and expertise in developing and operating large scale luxury integrated resorts with Greenland’s vast commercial and residential property development experience to form a consortium,” the Australian company said in a filing on Friday.
“This consortium will prepare and lodge a detailed proposal for the … Queen’s Wharf Brisbane project,” it added.
If their bid is successful, Crown will manage the integrated resort and will have an ownership interest in that part of the precinct. Shanghai-based Greenland will be the exclusive developer and owner of the remaining commercial, retail and residential areas.
Crown is a partner in Macau casino operator Melco Crown Entertainment Ltd.
Greenland is already developing major residential and hotel projects in Sydney and Melbourne. It is also building a large-scale mixed-property complex that includes a casino in South Korea’s Jeju Island.
The Crown-Greenland tie-up follows an announcement in June from rival Echo Entertainment Group Ltd, which confirmed a partnership with Chow Tai Fook Enterprises Ltd for the Queen’s Wharf Brisbane area. The joint venture includes also Far East Consortium (Australia) Pty Ltd, a unit of Far East Consortium International Ltd.
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