Investors in Crown Resorts Ltd (ASX: CWN) will be eagerly watching to see if the company can double up on its casino licence luck and make the short list for Brisbane's plum Queens Wharf site.
Crown is one of six parties to officially express its interest in the site and is likely to be a top contender.
Among the other key rivals are casino operators Echo Entertainment Group Ltd (ASX: EGP) and SkyCity Entertainment Group Limited (ASX: SKC), as well as international infrastructure company Lend Lease Group (ASX: LLC).
All eyes though will be on Crown Resorts and owner James Packer after it won the fight for a new $1 billion resort development and casino licence in Sydney.
The contenders
Of the other contenders, SkyCity is already committed to investing around $700 million in the redevelopment of its properties in Auckland and Adelaide over the next few years, while Lend Lease Group would be venturing into new territory with a casino operation.
Echo, after missing out on a proposal to redevelop its Sydney Star casino, could be a contender, along with two other Chinese-based groups, but Packer's bold vision and aggressive push for growth at the wheel of Crown, as well as local ownership, would in my view put the company near the top of the likely candidates.
The risks
Queensland is a market Packer will be eager to add to his expanding empire, but will require another significant injection of capital to develop, and he faces stiff casino competition.
Two other casino licences for smaller regions are also up for grabs, in addition to the existing licence held by Reef Casino Trust (ASX: RFT).
That licence is on track to be taken over by a new company, Aquis, who have been given approval to buy land for a proposed $4.2 billion resort near Cairns.
Foolish takeaway
Crown Resorts' success as a bold company with a growth driven management team suggests the company could be among the top contenders for the prized Queens Wharf casino licence. The final decision on who will win the licences is expected to be made by mid-2015, but all eyes will be on Packer to set a high benchmark.
