GOODBYE TREASURY, JUPITERS: SAY HELLO TO THE STAR
Written on the 28 August 2015 by Nick Nichols
BRISBANE and Gold Coast casinos are about to wave goodbye to their respective monikers as they give way to Echo Entertainment Group's (ASX:EGP) flagship banner, The Star.
The company says growing international recognition of The Star has prompted plans to bring its entire stable of Australian casino properties under a single brand.
The move, which will go to shareholders for approval at this year's annual general meeting, will also coincide with a name change for the company to The Star Entertainment Group.
Echo says The Star Sydney will be positioned alongside The Star Brisbane and The Star Gold Coast, ultimately erasing the decades-old Treasury and Jupiters brands from the Australian casino market.
CEO Matt Bekier says the name changes to the properties will be a staged process, with Treasury unlikely to change until the company develops the new $2 billion resort at Queen's Wharf in Brisbane's CBD.
He says the changes come after extensive market research, including surveys of guests at its properties.
"We have created stability and momentum in the business, and are embarking on significant capital works programs at all our properties to ensure that, as a group, we will own and operate truly world-class integrated resorts," says Bekier.
"The quality of that offering means we can, with a single identity, build further brand equity and loyalty. We can be greater than the sum of our individual parts."
Echo, which has already spent $1 billion upgrading The Star in Sydney and is now spending more to compete with looming competition from Crown Resorts (ASX:CWN) across the water, is undertaking a $345 million expansion program on the Gold Coast.
The rebranding will aim to create a uniform visual identity for the properties, although Echo still aims to tailor what it says are "tones of voice" to resonate with the identity of each property's locale.
"It is important that the new identity will still give us the flexibility to deliver thrilling experiences but with local spirit, which is what our brand positioning demands," says Bekier.
"It in no way detracts from the wonderful performances of Treasury Casino & Hotel in Brisbane or the iconic Jupiters Hotel & Casino on the Gold Coast.
"To the contrary, transforming Jupiters is a major focus for us, and a strategic priority. Construction will soon be under way on the new six-star hotel tower at the front of the property.
"In Brisbane we are looking forward with incredible anticipation to the redevelopment of Queen's Wharf. Our commitment to the region is so strong we will be relocating our headquarters to Queensland at the appropriate time.
"Along this journey we have also consulted with key stakeholders, including guests, and the feedback has been consistent with the approach we are taking."
Author: Nick Nichols