{"id":777003326,"date":"2023-03-15T14:02:05","date_gmt":"2023-03-15T17:02:05","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777003326"},"modified":"2026-04-22T23:45:21","modified_gmt":"2026-04-23T02:45:21","slug":"the-star-puts-sheraton-grand-mirage-up-for-sale","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-star-puts-sheraton-grand-mirage-up-for-sale","title":{"rendered":"The Star puts Sheraton Grand Mirage up for sale"},"content":{"rendered":"\n

The Sheraton Grand Mirage resort on the Gold Coast is 50 per cent owned by The Star Entertainment Group.<\/p>\n\n\n\n\n\n\n\n

Australia.- The Star Entertainment Group<\/strong> is putting the Sheraton Grand Mirage resort<\/strong> on the Gold Coast up for sale for AU$200m as part of its equity drive to raise AU$545m. The beachfront property is 50 per cent owned by The Star, alongside Hong Kong Stock Exchange-listed Far East Consortium and Chow Tai Fook, which each have 25 per cent. <\/p>\n\n\n\n

The joint venture between the three companies acquired the Sheraton in early 2017 for AU$140m, with The Star contributing AU$40m of equity for the 295-room hotel. The Star indicated its plans to dispose of the property in February, following anticipated losses of up to AU$1.11bn<\/a>.<\/p>\n\n\n\n

Queensland properties performed strongly, achieving record domestic revenues. However, the performance of The Star Sydney was negatively affected by stricter operating restrictions from mid-September onwards as a result of the Adam Bell SC\u2019s inquiry<\/a> and changes to the NSW Casino Control Act. <\/p>\n\n\n\n

The company has announced several operational initiatives that aim to boost its trading performance by an estimated AU$40m on an annual basis. These include improving operating efficiency, enhancing customer experience and responding to increased competition in Sydney with loyalty benefits and pricing strategies. <\/p>\n\n\n\n

These measures are projected to have a marginal impact on the last quarter of the full-year 2023. The group is still prioritising remediation actions to facilitate its return to suitability.<\/p>\n\n\n\n

Far East Consortium and Chow Tai Fook also hold 25 per cent each in the AU$3.6bn Queens Wharf casino<\/a> and resort project in Brisbane.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Sheraton Grand Mirage resort on the Gold Coast is 50 per cent owned by The Star Entertainment Group.<\/p>\n","protected":false},"author":176,"featured_media":25794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group is divesting its 50% stake in the Sheraton Grand Mirage resort on the Gold Coast for AU$200m as part of a broader AU$545m equity drive. This strategic asset sale follows anticipated losses of up to AU$1.11bn, largely attributed to stricter operating restrictions in NSW post-regulatory inquiry. The group is also implementing operational initiatives and prioritising remediation to restore suitability and enhance trading performance.","focusai_entities":"The Star Entertainment Group, Far East Consortium, Chow Tai Fook, Adam Bell SC","focusai_location":"Australia, Gold Coast, Hong Kong, Queensland, Sydney, Brisbane, NSW","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.9), operator_casino (0.85), investor_analyst (0.95), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Allocation Strategy","query":"How will the AU$545m equity drive, inclusive of the Sheraton Grand Mirage divestment, be strategically allocated to accelerate remediation efforts and drive sustainable NGR growth across The Star's diversified portfolio?"},{"label":"Regulatory Impact Assessment","query":"What specific long-term implications do the changes to the NSW Casino Control Act and the Adam Bell SC inquiry have on The Star's B2C licensing conditions and future operational scalability in key Australian gaming verticals?"}],"footnotes":""},"categories":[16336,157],"tags":[23871],"class_list":["post-777003326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777003326"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003326\/revisions"}],"predecessor-version":[{"id":777003362,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003326\/revisions\/777003362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25794"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777003326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777003326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777003326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}