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Australia – Caesars reported to have signed Gold Coast deal with ASF

By - 31 July 2017

Media outlets in Australia are reporting that Caesars Entertainment has struck a deal with the Chinese developer behind the ASF Consortium which is building a casino resort on the Gold Coast waterfront.

The inclusion of the Las Vegas-based casino giant has brought a new dimension to the blueprints for the Gold Coast. Caesars is believed to have signed an agreement with ASF to covering due diligence and commercial terms for it to be the casino operator for the project.

However ASF Consortium Director Louis Chien said: “ASF Consortium has been in ongoing discussions with a number of world-class operators. The heightened interest further validates the Queensland Government’s Integrated Resort Development process and our own research, that there is a market for another casino, especially an integrated resort which has grown the tourism pie in other similar locations.”

Caesars, who missed out on the opportunity to operate in Macau, is reported to have visited the Gold Coast last month and is believed to have completed an initial phase of assessment on the project.
Caesar’s President of International Development, Steven Tight said: “It’s accurate to say we are continuing to study the ¬opportunity.”

Whilst welcoming the link with Caesars, Queensland Premier Annastacia Palaszczuk said she doesn’t want the Gold Coast, known as the Glitter Strip to become a ‘casino city’.

“There’s only so many casinos we can have on the Gold Coast – I don’t think we need to have this a casino city,” she said. “The Gold Coast has so much to offer. There’s only one casino licence available on the Coast at the moment and our government is going through due process in relation to ASF.”

ASF had held discussions with Crown Resorts, who is believed to have turned down the opportunity. ASF’s multi-billion dollar Integrated Resort Development will include a world-class casino, three branded five and six star hotels, signature restaurants, theatres, shows and entertainment, luxury and boutique retail precincts, serviced residences and meeting and conference facilities.

Mr. Chien said the project would create an estimated 10,000 jobs and attract a projected 1.5m additional tourists to the Gold Coast each year.

“This $3bn project will deliver a world-class waterfront destination that provides an immediate and ongoing economic boost and significant jobs for the Gold Coast, with benefits flowing across Queensland,” said Mr Chien. “Over 10,000 new jobs will be created during construction and operations, meaning thousands of jobs for the local community. With construction likely to occur after the Commonwealth Games, this will deliver ongoing buoyancy to the region, ensuring local jobs are retained. The project will also attract a projected 1.5 million additional tourists to the Gold Coast annually. This means growing the existing tourism market with an emphasis on new visitors to the region.”

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