Echo Entertainment has won the right to build a new Brisbane casino, beating rival James Packer’s Crown Resorts.

Premier Annastacia Palaszczuk announced the decision, following the independent panel’s recommendation, which was signed off by Cabinet on Monday afternoon.

“The independent panel went through a number of criteria and we’ll be going through this in more detail tomorrow [Tuesday], but one of the signature efforts was this large amount of public space that families will be able to enjoy,” said Palaszczuk.

“Plus the probity checks, as well as the consortium was able to demonstrate to the government that they are ready to proceed,” added Palaszczuk. “We needed to have that financial security but also we wanted to minimize any risk. So this is a good announcement, it is fantastic for Brisbane and I am quite sure the people of Brisbane will embrace the new Queens Wharf development.”