Echo beats Crown for Brisbane casino bid

Company News

Echo Entertainment Group Limited (ASX:EGP) has beaten Crown Resorts Limited (ASX:CWN) in its bid to develop a new $2 billion casino and resort in Brisbane. 
Both groups submitted their bids to the Queensland Government in October last year to develop a world-class tourism, leisure and entertainment precinct at Queen’s Wharf Brisbane. 
James Packer’s Crown confirmed last night it has not been selected as the preferred proponent for the project which has been touted to change Brisbane’s CBD.  
Echo had submitted its bid through a joint venture called the Destination Brisbane Consortium with the China’s Chow Tai Fook and Hong Kong’s Far East Consortium .
Echo Entertainment Group reported a net profit of $97.1 million in the first half of the 2015 financial year.