{"id":777010866,"date":"2023-11-06T04:06:25","date_gmt":"2023-11-06T07:06:25","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777010866"},"modified":"2026-04-22T16:30:03","modified_gmt":"2026-04-22T19:30:03","slug":"the-star-completes-sale-of-sheraton-grand-mirage-resort-gold-coast","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-star-completes-sale-of-sheraton-grand-mirage-resort-gold-coast","title":{"rendered":"The Star completes sale of Sheraton Grand Mirage Resort Gold Coast"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The sale was completed on Friday.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Australia.-&nbsp;<strong>The Star Entertainment Group<\/strong>&nbsp;has announced the completion of the sale of the Sheraton Grand Mirage Resort Gold Coast.&nbsp;<strong>Australian Wattle Development Pty<\/strong>, in which The Star holds a 50 per cent stake, sold the resort to entities owned by the Karedis and Laundy families for AU$192m (US$125.03m).&nbsp;According to a company filing, the transaction was completed on Friday (November 3).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Star Entertainment Group anticipates net proceeds of approximately AU$60m (US$39.07m) from the sale. The company had previously stated that it was accelerating its plans \u201cto refinance its existing debt funding arrangements, with a focus on improving the group\u2019s liquidity position and separately increasing covenant headroom in light of the Group\u2019s current earnings environment.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In September, it announced&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/the-star-announces-capital-structure-initiatives\" target=\"_blank\">a series of capital structure initiatives<\/a>&nbsp;aimed at improving its funding arrangements. The strategy includes<strong>&nbsp;an equity raise of AU$750m<\/strong>, comprising an AU$589m 1 for 1.65 pro rata accelerated non-renounceable entitlement offer and an AU$161m institutional placement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It has also arranged&nbsp;<strong>new debt facilities totalling AU$450m&nbsp;<\/strong>provided by Barclays Bank and Westpac Banking Corporation. These comprise an AU$150m four-year revolving credit facility and an AU$300m four-year underwritten term loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>See also:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/the-star-evaluates-queensland-casino-bill\" rel=\"noreferrer noopener\">The Star evaluates Queensland casino bill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sale was completed on Friday.<\/p>\n","protected":false},"author":176,"featured_media":26456,"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 has completed the sale of the Sheraton Grand Mirage Resort Gold Coast for AU$192m, anticipating AU$60m in net proceeds. This divestment is part of a broader capital structure initiative, including an AU$750m equity raise and AU$450m in new debt facilities, aimed at enhancing liquidity and improving debt covenant headroom.","focusai_entities":"The Star Entertainment Group, Australian Wattle Development Pty, Karedis family, Laundy family, Barclays Bank, Westpac Banking Corporation","focusai_location":"Australia, Gold Coast","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.92)","focusai_suggestions":[{"label":"Impact on Debt Covenants?","query":"How will the net proceeds from the Sheraton Grand Mirage sale, combined with the equity raise and new debt facilities, specifically impact The Star Entertainment Group's debt covenant headroom and long-term financial leverage ratios?"},{"label":"Strategic Asset Divestment?","query":"What are the strategic implications of this asset divestment for The Star Entertainment Group's core gaming vertical focus and its competitive positioning within the Australian market?"}],"footnotes":""},"categories":[16336,157],"tags":[24103],"class_list":["post-777010866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010866","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=777010866"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010866\/revisions"}],"predecessor-version":[{"id":777041021,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010866\/revisions\/777041021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26456"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}