But the Treasurer said that if a new shareholder passed the Government's probity checks, there was no problem. The Government requires at least three 'founding' shareholders holding a minimum of 40 per cent in a casino operator. The other major shareholders are Commonwealth Funds Management (18.5 per cent), Jupiters casino and hotel operator Conrad International (9.7 per cent)and the Queensland Investment Corporation (8.05 per cent).

One party is understood to still be talking to the brokers, but yesterday's decision could renew interest in the largest, 24 per cent interest. Schroders Australia and Morgan Stockbroking are reported to have been working on disposal of the stake by tender. In announcing the preferred applicant the Queensland Treasurer, Mr De Lacy, said one of Jupiters' founding investors, Japan's Daikyo, would no longer be part of the company.ĭaikyo's chairman, Mr Shuji Yokoyama, had advised its intention to divest its leading Jupiters holding so that the company could focus on other tourism concerns. The casino is scheduled to open in late 1994. Jupiters has agreed to spend $355 million - a $139 million payment for the site lease and casino licence and $216 million to refurbish and restore the Treasury Building (casino/small deluxe hotel) and Lands Administration Building (main hotel). The owner of the Gold Coast casino, Jupiters Ltd, is likely to go to its shareholders to seek about $100 million after its success in being named the preferred applicant for the Brisbane casino licence.