Echo Entertainment Group has launched a $1.5 billion bid to redevelop its Queensland casinos as the state's government moves to position it as a global gaming powerhouse.
Having failed in its attempt to thwart Jamie Packer's Barangaroo Casino development in Sydney, Echo chairman John O'Neil said the company had shifted its attention to its Queensland assets.
"Our attention is now firmly on Queensland," he told investors at the company's annual general meeting in Sydney.
Echo has announced plans to redevelop its Jupiters Hotel and Casino on the Gold Coast and build a new casino in Brisbane to replace its existing Treasury Casino, which has reached its capacity.
The Jupiters development would include a six star hotel to attract international high rollers, while the current heritage-listed Treasury building would be turned into a luxury hotel.
Chief executive John Redmond said the proposed redevelopment and new casino could come at a total cost of more than $1.5 billion.
"We see significant growth opportunities for the company in both Brisbane and the Gold Coast," he said.
Short, medium and long-term plans have been developed for both properties.
"We are extremely excited about the opportunity before us in Brisbane, and see this as a once in a lifetime opportunity and a very substantial opportunity for the shareholders of Echo Entertainment Group," Mr Redmond said.
The Newman government has announced it could lift the number of casinos in Queensland to seven as the state attempts to draw in more tourists from Asia.
Echo also operates a casino in Townsville.
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