Echo & Crown battle for Brisbane project heats up

Company News

The battle for the Queen’s Wharf Brisbane Project is heating up with both Echo Entertainment Group Limited (ASX:EGP) and Crown Resorts Limited (ASX:CWN) having now submitted bids.
Echo teamed up with Hong Kong based Chow Tai Fook Enterprises and Far East Consortium in June to prepare a detailed proposal. 
Crown partnered with Chinese property group Greenland Holdings Group in July to prepare its bid to develop the precinct. 
Both parties are hoping to develop an entertainment precinct and integrated resort at the Queen’s Wharf Brisbane Project site. 
Echo has advised it expects the Queensland Government to name the winning bidder early 2015. 
Crown Resorts net profit soared 66 per cent to $656 million in the 2014 financial year.