News: Echo inks JV for Brisbane development

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Echo Entertainment Group Limited (ASX:EGP) has announced a strategic joint venture for the Queen’s Wharf Brisbane development project. 

The casino owner and operator has entered into a memorandum of understanding (MOU) with Hong Kong based Chow Tai Fook Enterprises and Far East Consortium. 

The MOU is to create a new consortium to prepare a detailed proposal to develop an entertainment precinct and integrated resort at the site. 

All companies will come together to form the Destination Brisbane Consortium to develop and submit jointly a proposal for the project. 

Echo is poised to contribute 50 per cent of the capital and act as the operator with the remaining 50 per cent equally divided between Chow Tai Fook Enterprises and Far East Consortium.

The news comes one week after Echo Entertainment forecast higher than expected full year earnings. 

Echo Entertainment Group reported a net profit of $46.1 million in the first half of the 2014 financial year.