Gold Coast Spit casino plan controversy
A Macau analyst has warned that a $3 billion "integrated resort" casino development planned for the Gold Coast Spit could create problems for local businesses.
Business administration expert Glenn McCartney from the University of Macau, in the semi-autonomous Chinese territory that has become a global casino hub, told the ABC’s 7.30 Report that the only way to avoid was to manage it carefully.
Without that, he said, an integrated resort could "push out" small businesses.
“It's called the Dutch disease effect," Professor McCartney told 7.30.
It has to be very cautiously and responsibly managed," he said.
Professor McCartney said while many cities in Asia viewed integrated resorts as a "miracle cure", these sorts of proposals have to be assessed carefully.
“Of course there's some negativity and some cost benefit analysis that should be part of that argument," he said.
The mega resort proposal for the Gold Coast is coming from a Chinese ASF consortium.
ASF says the plan would create 13,000 jobs and inject more than $700 million into the local economy.
Clubs Queensland, which represents the state's licensed clubs, has come out in opposition to the five-tower casino resort development.
The area it would sit on currently has a three-storey height limit.
There are also several unknowns about the issue.
Like for example, how many poker machines will be installed in the new casino.
Brian Haratsis from Macroplan Dimasi, which has done ASF's economic modelling, says the proposal has taken into account of their project's impact on existing Gold Coast businesses.
"Community clubs are community-based, and they affect a different part of the market," Mr Haratsis told the 7.30 report.
MacroPlan Dimasi estimates the integrated resort could attract more than 460,000 additional visitors a year to Queensland.
Most of them would come from overseas.
The Queensland government has yet to undertake due diligence on the finances for the consortium behind the project.
by Leon Gettler, March 21st 2017
