The government of Australia’s Queensland state will study proposals for two new Chinese and Hong Kong casino backed projects, challenging Echo Entertainment Group Ltd. (EGP)’s hold on the local gambling market. Aquis at the Great Barrier Reef Pty and ASF Consortium Pty will be allowed to submit detailed plans for new resorts in Cairns and the Gold Coast, the state’s Deputy Premier Jeff Seeney said in an e-mailed statement today. Echo has the only casino in the Gold Coast and would have to reduce investment in the site if a second project was allowed in the city, former Chief Executive…