Australian operator Tabcorp, which recently de-merged its casino and wagering businesses, is to increase the amount it is planning to invest in its three Queensland casinos from the AU$175m it announced in October to AU$625m.
The investment is intended to bring the properties in line with other world-class destinations and provide a boost to the state’s tourism and entertainment sectors.
It follows an in-principle agreement with the Queensland Government on a package of concessions that will support the long-term growth of the properties. Tabcorp’s Queensland casinos presently hold a total of 3,136 gaming machine licences and 256 table licences. Under the agreement, the gaming facilities will be increased to match the growth in scale of the properties. These concessions include 500 additional gaming machines and the transfer of gaming machine licences from the Townsville casino to Treasury or Jupiters, 500 new table licences and a reduced tax threshold for interstate and international VIP customers.
The Queensland Government has also agreed to review the existing classification of multi-terminal gaming machines, such as electronic blackjack and roulette, within the next 18 months.
"We see Queensland as one of the premier destinations for interstate visitors and tourists," said the company’s chairman, John Story. "Our investment will create world-class destinations with a wide range of entertainment and leisure choices for our customers. This will put Queensland in a stronger position to grow its tourism market and compete successfully with new destinations in Australia and across the Asia pacific region.
"The Queensland investment follows the redevelopment of Star City in Sydney. Together, these investments will make the casinos an attractive growth business following the proposed demerger from Tabcorp."
The Queensland project is expected to get under way in 2011 as the Star City redevelopment nears completion.
