Echo Entertainment Group has won the right to build a casino on prime riverfront land in Brisbane, beating a submission from James Packer’s Crown Resorts.

The details of the proposal for the redevelopment of Queen’s Wharf Brisbane are now being finalised with the Queensland state government, however the plan will include “significant retail facilities across the precinct.”

Echo has proposed to transform the existing Treasury Casino and beneath Queens Park into premium retail space that will connect the CBD and Queen Street Mall through to the Queen’s Wharf precinct. There are also plans for 50 restaurants and bars, from hatted fine dining to pop-up cafes, and five new hotel brands to Brisbane, including Ritz-Carlton and Rosewood Hotels and Resorts.

Echo has partnered with a number of Hong Kong-based organisations which form the Destination Brisbane Consortium (DBC). One of the DBC partners, Chow Tai Fook Enterprises (CTF), is a private company controlled by the Cheng Family which is involved in property, hospitality and retail businesses. Echo said access to Chow Tai Fook Jewellery’s VIP program will provide insights into consumer behaviours of 1.7 million premium jewellery customers across China, Hong Kong and Macau.

“We are also delighted the Queensland Government shares our vision to develop Queen’s Wharf Brisbane into the best Integrated Resort in Australia, and one for which Brisbane will be globally recognised,” said Echo MD and CEO, Matt Bekier.

“It will be an asset for this state that will compete with anything in Macau, Singapore or other destinations around the world. We look forward to progressing a development of which the people of Brisbane will be immensely proud, and that will deliver substantial economic and other benefits for Queensland.”

Tourism Industry Council CEO, Daniel Gschwind, said the new casino is good news for the state’s economy.

“We will see the tourism, hospitality and other services sectors grow substantially and certainly there will be thousands of jobs that will be added to our economy through this,” he told the ABC.

Site works are anticipated to commence in 2017 and run until 2022.