Star Entertainment Group to invest in Gold Coast monopoly
Casino operator The Star Entertainment Group Ltd is expected to invest on the Gold Coast, Queensland monopoly as convention center and resort expansion plans are revealed.
Australia.- The Star Entertainment has unveiled a plan to invest billions on the Gold Coast as it tries to convince the Queensland state government to abandon plans to allow a second casino in the city.
The firm’s development pitch was outlined by Star Entertainment Group Chairman John O’Neill, during an address to shareholders at its Annual General Meeting on Thursday.
Chairman O’Neill presented three main proposals: firstly, they would expect to release “in stages” a €1,2 billion master plan, including five additional towers on top of the existing The Star Grand and The Darling complex on the Gold Coast; a place that thanks to rapid urban development has become a city authority in its own right.
Secondly, the firm’s proposal would involved a major revamp of Star Entertainment’s Sheraton Grand Mirage resort on the Gold Coast; which might include a low-rise development with tourism and residential elements.
Lastly, invest a €61,4 million in the revamping of the Gold Coast Convention and Exhibition Centre; a facility built on state-owned land but which would be operated by Star Entertainment after renovation.
A second casino? No thanks.
The plans are contingent on the Queensland state government scrapping its pursuit of a second casino on the Gold Coast. However, The Star’s position has always been: we support investment in tourism assets on the Gold Coast, but the Gold Coast market is too small for two casinos.
O’Neill stated: “Obviously, this level of commitment to the Gold Coast from The Star would require exclusivity arrangements; which we would similarly discuss with the government.”
Mr O’Neill also added that the company was sharing its “unilateral commitment” for investment “in return for certainty around maintaining the Gold Coast as a one casino city ”
Star Entertainment owns and operates The Star Sydney casino hotel in New South Wales, and two other gaming venues in the state of Queensland, the Star Gold Coast and the Treasury Casino and Hotel Brisbane.
The casino operator and its partners are also developing the Queen’s Wharf Brisbane casino resort scheme in Brisbane; the capital city of the state of Queensland.
