On 16 November 2015, the group entered into development agreements in relation to the development of Queen’s Wharf Brisbane in Australia with the star and CTF with an investment amount for the Integrated Resort is expected to be about A$1.93 billion (equivalent to approximately HK$10.67 billion). The issued and paid up capital of the Integrated Resort joint venture entities is owned in the proportion of 25% by the Group, 25% by CTF and 50% by The Star. The issued and paid up capital of the Residential joint venture entities is owned in the proportion of 50% by the Group and 50% by CTF. The Project entails the development of an iconic world class Integrated Resort and entertainment precinct with over 1,100 premium hotel rooms and feature sky deck as well as residential development at Queen’s Wharf, Brisbane in Queensland of Australia. Construction on the site commenced in 2017 with the Integrated Resort component is expected to open in 2022. The proposed casino licence of the Project will deliver the key operating terms for successful delivery of the Integrated Resort, which include casino licence term and Integrated Resort precinct lease term of 99 years, a 25 year casino exclusivity period within 60 kilometers from the Brisbane CBD from commencement of operations of the new Integrated Resort, maximum approved electronic gaming machines of 2,500, and unlimited gaming tables (including electronic derivations).
The Integrated Resort and the Residential Component of the Project encompass a total area of approximately 9.4 hectares. Given the ideal location of the Project – the CBD of Brisbane, Australia – and capitalizing on the successful track record and combined expertise of each of the Consortium parties, the Project enables the Consortium parties to be a part of one of the most important developments in Brisbane placing the city on the world stage as an international tourism destination.