Inside Asian Gaming

IAG JAPAN AUG 2019 8 Australian operators making their play for Asia Ben Blaschke Managing Editor We crave your feedback. Please email your comments to bb@asgam.com. www.asgam.com EDITORIAL T here has been plenty of discussion over the past year regarding the future of Asian gaming, most notably the rise of Cambodia and the Philippines and impending arrival of Japan’s first IRs. In a recent note, Union Gaming estimated the current development pipeline across Asia at a combined US$65 billion, which includes projects in Macau, the Philippines, Vietnam, Cambodia, South Korea, Russia, Singapore and Japan. Not included in those numbers is Australia, yet just as the aforementioned Asian gaming jurisdictions are all jostling for their piece of the pie, the next five years also loom as a transformational period for the land Down Under. Flying the flag for Australia’s ambition to be counted among the international gaming heavyweights are three key developments. Star Entertainment Group, formerly known as Echo Entertainment, is responsible for two of those including the Queen’s Wharf Development in Brisbane. At a cost of US$3.6 billion, Queen’s Wharf – due for completion in 2022 – is the largest private single development ever seen in the state of Queensland and at 27 hectares will cover 20% of Brisbane’s CBD. Taking over the city’s previously underutilized waterfront, the project will feature four new luxury hotels, more than 50 bars and restaurants, 2,000 residential apartments and expansive public space including a new footbridge over the Brisbane River. More importantly, Queen’s Wharf will create a new international gaming destination with its luxury casino having already been granted approval to run up to 2,500 slot machines and an unlimited number of gaming tables. About an hour south of Brisbane by car is the Gold Coast, where Star Entertainment Group has been similarly busy making over The Star Gold Coast – formerly known as Jupiter’s. Star has already spent nearly AU$1 billion to bring the property up to international standards and has unveiled conditional plans for an additional AU$2 billion expansion. You can read more about the “Battle for the Gold Coast” in this issue’s cover story. Last but not least is Crown Sydney, Crown Resorts’ ambitious US$2.2 billion play to claim a bigger slice of the lucrative Asian VIP market. Due to open in 2021, Crown Sydney promises to take luxury to the next level with a VIP-only casino housing 125 gaming tables but no slot machines, a 350-room, six star hotel and 82 luxury apartments ranging from AU$9.5 million to AU$90 million for the penthouse. At 275 meters tall, it will also take over as Sydney’s tallest building – ensuring the spectacular 360-degree views over Sydney’s world-famous harbor that Crown hopes will give it an edge. While distance remains the greatest barrier for local IRs, Australia is making its play. With Crown recently selling a 19.99% stake to Macau’s Melco Resorts and Star almost 10% to Hong Kong corporate giants Chow Tai Fook and Far East Consortium, new avenues to Asia have been forged. Throw this next generation of world-class IR development into the mix and at least Australia is putting itself in the game.