Sydney

ECHO Entertainment Group Ltd won the right to develop a gambling resort in the centre of Brisbane, fending off competition from billionaire James Packer's Crown Resorts Ltd which broke its Sydney casino monopoly two years ago.

A consortium led by Echo and including Chow Tai Fook Enterprises Ltd and Far East Consortium International Ltd will be the preferred bidder for the river-front site, Queensland state premier Annastacia Palaszczuk said in a media conference on Monday. The resort could cost as much as A$2 billion (S$2.02 billion), according to Credit Suisse Group AG.