New casino for BrisVegas?

Queensland has Melbourne envy

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Brisbane may yet earn its affectionate name of BrisVegas, if the Queensland Premier gets his way, with the city potentially getting a second casino.

Premier Campbell Newman has suggested that it will consider allowing a new casino to be built, once the Executive Building and the Public Works Buildings in Brisbane are demolished, as it looks to revitalise that part of the city.

Speaking at a business conference, Mr Newman suggested that they could knock the buildings down and then run a tender process to build a new five-star hotel, or a casino, and it could be Brisbane's answer to Crown Limited's (ASX: CWN) casino, hotel and entertainment complex in Melbourne.

According to the Courier-Mail, Echo Entertainment Group (ASX: EGP) was planning to build a 36 storey riverside casino, but the government knocked that proposal back earlier this year. Echo already owns Brisbane's only casino, Treasury. A second casino could have a negative effect on the Treasury's revenues, especially if they were built fairly close together.

According to press reports, Mr Newman has previously met with major Echo shareholder and Crown chairman James Packer, to discuss the proposal. Mr Packer is in the process of selling his 51% stake in Consolidated Media Holdings (ASX: CMJ), as he moves out of media into gaming.

It's likely that the proceeds from that sale will allow Mr Packer to take a bigger stake in Echo. Crown owns 10% of Echo currently, but has requested approval from the regulators to increase that up to 25%. Mr Packer appears keen on getting a new casino built in Sydney as part of his plans for a six-star hotel at Barangaroo, on Sydney's waterfront. He may need Echo's casino licence to do that.

News Corporation (ASX: NWS) has offered around $3.50 per share for Cons Media, but is waiting on a possible bid by Kerry Stokes' Seven Group Holdings (ASX: SVW). Seven already holds 24% of Cons Media.

If you're in the market for some high yielding ASX shares, look no further than our "Secure Your Future with 3 Rock-Solid Dividend Stocks" report. In this free report, we've put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

More reading

Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »