Sandwiched by forested hills and the Great Barrier Reef, the town of Cairns and its surrounding region are enduring a tourist slump. More than a third of the 3,892 hotel rooms in the tropical Australian getaway were empty in the three months through June.
Echo Entertainment Group Ltd., which has a 97 percent share of Queensland’s casino market, fell 5.2 percent to a two-month low in Sydney trading after the Australian state said it may issue as many as three new licenses for gambling resorts.
Australian Prime Minister Julia Gillard confronts mounting challenges to her own re-election after her Labor party suffered a landslide poll defeat in Queensland, leaving her with allies governing just two of the nation’s six states.
Australia’s ruling Labor party this week faces its first loss of power in Queensland since 1996, after a surging exchange rate eroded the job market of a state that’s been a battleground in national elections.
Australia’s Queensland state is set for a change of government, with early vote counting in today’s election showing the opposition Liberal National Party will end 14 years of Labor rule, according to the Australian Broadcasting Corp.