MOU signed in Hong Kong for tourism resort development on the Gold Coast

HONG KONG: International investor confidence in Queensland is surging with two Hong Kong corporations signing a Memorandum of Understanding to co-invest in an $850 million tourism development on the Gold Coast.

Premier Annastacia Palaszczuk, who is on a trade mission to Hong Kong, met with The Star Entertainment Group, Chow Tai Fook and Far East Consortium to discuss their transformational plans for Jupiters Gold Coast.

The three companies formed Destination Brisbane Consortium to successfully bid for the right to develop the Queen’s Wharf precinct in the Brisbane CBD, a $3 billion project that will see a new integrated resort operational by 2022.

“I have previously welcomed plans by these three partners to build a 700-room hotel and apartment tower at Jupiters, and a live sports theatre, totalling up to $850 million,” Ms Palaszczuk said.

“However they have now signalled an even stronger intent by signing an MOU for the tower plan as well as to pursue further potential development on Broadbeach Island.

“My Government has been working with The Star and its partners on the new tower proposal, and we will work with them as they look at ways to further increase their total investment.

”While their proposal is subject to various approvals, this MOU’s intent signals the very real and substantial international investor confidence that exists in Queensland.

“My government places great importance on strengthening our business partnerships with China and Hong Kong, and to facilitate a pipeline of investment and development on the Gold Coast that would take the city well beyond the momentum of the Commonwealth Games.”

The Star Entertainment Group Managing Director and CEO, Matt Bekier, said the three partners were united in their commitment to the Coast and their confidence to undertake significant investments in the region.

“We are already building a new six-star hotel at Jupiters, and would like to make headway as soon as possible on the new tower,” Mr Bekier said.

“In terms of the potential for future investment, we want to develop a range of attractions and a mix of accommodation types that will develop Jupiters as a truly integrated resort with entertainment and lifestyle precincts.

“We want to improve connectivity to the Gold Coast Convention and Exhibition Centre, to the redeveloped Pacific Fair shopping centre, and to the dining and retail precinct at Broadbeach.”

Ms Palaszczuk said more than 1000 jobs were likely to be created during construction of the proposed tower and live sports theatre.

The current workforce of Jupiters could increase from around 1800 to about 2300 once projects were complete, she said.

Ms Palaszczuk said her Government is focused on generating jobs and economic growth for Queensland, and that her Hong Kong trade mission was helping showcase Queensland’s trade and investment credentials in key overseas markets.
“This mission further highlights my government’s commitment to promoting Queensland’s world-leading tourism opportunities, and we are committed to showcasing this to deliver more jobs for Queenslanders,” she said.

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