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Already investing billions in the housing market down under, China’s real estate developers are preparing to go head to head with Australia’s home-grown gaming giants, including a company run by its richest man, to build casinos in the heart of one of the country’s largest cities.

The winner of the bidding process will get the chance to develop a six-star multi-billion dollar casino project at Queen’s Wharf in Brisbane, the largest city in Queensland state, and the right to profit from the boom in Chinese visitors and their love for gambling.

Shanghai government-backed developer Greenland Group, which already has several housing projects in Sydney and Melbourne, as well as a joint proposal involving the billionaire boss of Hong Kong’s New World Development, are among four bidders shortlisted to secure the potentially lucrative casino deal in the northern Australian state.

In a statement, Jeff Seeney, Queensland’s Deputy Premier and Minister for State Development, Infrastructure and Planning said,

“The Queen’s Wharf integrated resort development will be vastly different from the stand-alone casinos of the past and will include facilities such as six star hotels, retail, restaurant and entertainment zones, convention facilities and dynamic public open spaces. It will be a landmark development designed to be a drawcard for international tourists and businesses for generations to come.”

Queensland is already a popular tourist destination and generates more than $4 billion per year in revenue from the industry. With more than 700,000 Chinese spending $4.8 billion in Australia last year, there is a lot of cash to be made by attracting visitors from the mainland.

Reversing the Gambling Workflow

If successful, the bids by Greenland Group or its Hong Kong competitor would mark a shift from the pattern of western gaming companies heading east for profits, to one of Chinese companies picking up lucrative gaming deals on foreign soil.

Sheldon Adelson’s Las Vegas Sands Las Vegas Sands  has made billions after setting up the Sands Macau in 2004 and the 1,600,000 square foot Venentian Macao which came online in 2007. America’s Wynn Resorts Wynn Resorts also set up successful projects in Macao in 2006 and 2010 managing a nice profit off of the hordes of wealthy Chinese descending on Asia’s version of Vegas.

Now Greenland Group, which over the last two years has taken on development projects in eight nations around the world, is hoping to branch out from its core business of home building and selling into casinos and resorts. Although it first entered the Australian market just over a year ago, Greenland already has five projects underway in the country.

In addition to its Australian deals, Greenland also is developing homes in Canada, South Korea, Malaysia, Singapore, Thailand and the UK, in addition to its native China. In the US, Greenland last year bought a controlling stake in a residential tower project in Brooklyn’s Atlantic Yards.

Competing with Greenland is a joint bid by Hong Kong developer Far East Consortium, and Chow Tai Fook Enterprises Ltd a property investment firm controlled by the fourth richest Chinese billionaire on Forbes’ 2013 rich list, Cheng Yu-tung.

Taking on Australia’s Richest Man

The Chinese firms are vying against established domestic casino operators Crown Resorts Crown Resorts Ltd, owned by Australia’s richest man James Packer, and rival Echo Entertainment Group Ltd for permission to build a casino in central Brisbane.

Contestants now have until late this year to submit full proposals before a formal announcement regarding the successful developer and their development scheme is made sometime early next year.

The Chinese bids for Brisbane casino follow two other successful proposals by Chinese firms for casinos in the state. Already Hong Kong billionaire Tony Fung’s Aquis Casino Acquisitions Ltd plan to build an A$8 billion ($7.40 billion) casino near the beachside city of Cairns.

ASF China Property Consortium, a group of companies which includes state-run Chinese giants China Communications Construction Company, Guangzhou Dredging Co Ltd and China State Construction Engineering Corporation Limited, has previously received a permit to build an A$7.5 billion (US$6.9 billion) casino and cruise ship terminal on Australia’s Gold Coast.