The operator of Brisbane's planned casino resort will pay the Queensland government more than $1 billion for the rights to run it.
The Star Entertainment Group, formerly known as Echo Entertainment, and joint Asian venture partners Chow Tai Fook Enterprises and Far East Consortium, will pay $272 million to the government by the time the $3 billion casino and resort opens at Queen's Wharf in 2022.
The consortium will also stump up an extra $880 million in gaming tax payments during the first decade of operation.
Details of the money set to flow into Queensland's coffers were revealed on Monday as Premier Annastacia Palaszczuk signed off on a contractual close with the consortium.
Under the deal, Star Entertainment will have a 25-year casino exclusivity period for 60km from Brisbane's CBD and be allowed a maximum of 2500 electronic gaming machines.
The group, previously known as Echo Entertainment, wants the casino precinct to be a global rival to similar resorts in the gambling hubs of Macau and Singapore.
"The redevelopment of Queens Wharf Brisbane has the potential to deliver significant and positive change for the people of Brisbane," Star Entertainment managing director Matt Bekier said.
The development, which includes a luxury hotel with 1100 rooms, a casino, residential apartments and repurposed Treasury Casino and Hotel buildings, is subject to further planning approvals.
Star Entertainment chairman John O'Neill said it would dramatically increase international tourism numbers to the state, especially the affluent Chinese middle-class.
"We're talking an additional 1.4 million tourists annually and an annual increase in tourism of $1.69 billion," he said.
Construction is expected to begin in 2017, creating between 2000 and 3000 jobs.
Once the development opens, the casino resort is expected to employ 8000 people.
The group's Gold Coast Jupiters Hotel and Casino is undergoing a multi-million-dollar revamp and will be renamed The Star, Gold Coast and the Treasury Casino and Hotel in Brisbane will be renamed Treasury by The Star.
The new Brisbane development will be known as The Star, Brisbane when it opens in 2022 and The Star casino in Sydney will be rebranded in March.
