The Star announces $2 billion masterplan to become Australia's largest resort
Written on the 2 November 2018 by David Simmons
Just a few months ago The Star Entertainment Group (ASX: SGR) broke ground on its new $400 million Gold Coast tower.
Now, the company has announced an even loftier goal that has the potential to make The Star Gold Coast Australia's largest resort.
Their announcement today is a planned investment of more than $2 billion to improve the existing mega-resort that currently sits on Broadbeach Island.
At completion, The Star Entertainment Group will have invested close to $9 billion in South East Queensland.
Along with four additional towers including more hotels, the $2 billion-plus expanded masterplan proposed by The Star and its Hong Kong-based partners, Chow Tai Fook and Far East Consortium, includes new restaurants and bars, increased entertainment and retail options, and new resort facilities.
The Queensland government has given its approval for the significant investment, which was welcomed warmly by CEO of The Star Entertainment Group Matt Bekier.
"We are delighted to receive the State Government's approval of our expanded masterplan," says Bekier.
"The masterplan in its entirety would see The Star Gold Coast boast more tourism accommodation than any other resort in Australia.
"The 3000 hotel rooms and apartments would also exceed what the world-renowned Marina Bay Sands in Singapore offers, and be on a scale to compare with the largest integrated resorts in Las Vegas."
Bekier says it has committed to delivering these projects without installing any extra poker machines.
"The Star can deliver [the masterplan] without the need for any additional poker machines," says Bekier.
"That is our stake in the ground, the commitment we stand by."
The Doresett hotel, which broke ground in August, is the first phase of the masterplan's five new towers.
"In addition to The Star Grand, The Darling, and The Dorsett hotel tower, our expanded masterplan provides the opportunity for another four towers and world-class facilities," says Bekier.
"They would include a stunning recreational deck, water features and hero pools, a quality day spa, new dining precincts, more bars and cafes, exciting entertainment facilities, plus a nightclub where international acts can be showcased."
"Our vision is to be Australia's leading integrated resort company and our plans for the Gold Coast are completely aligned with that positioning."
Business News Australia
Author: David Simmons