Star’s Gold Coast mega-vision given final green light
The Star Entertainment Group has had its future vision for the Gold Coast signed off by the state government, paving the way for the casino company and its partners to have about $9 billion worth of tourism assets across South East Queensland.
The latest approval from the Palaszczuk government allows for The Star’s fully expanded master plan for the Gold Coast, which consists of an additional $2 billion-plus investment in a further four towers and associated resort facilities on Broadbeach Island.
The Star’s chief executive Matt Bekier says the latest segment of the master plan is over and above the already-committed multi-billion dollar investments from the consortium partners into South East Queensland.
Commercial Insights: Subscribe to receive the latest news and updates
“Once the Queen’s Wharf Brisbane transformation is complete, and if The Star Gold Coast masterplan is rolled out in full, we will have tourism assets across South East Queensland worth around $9 billion,” Bekier says.
“This includes the original assets on the Gold Coast and Brisbane, and the considerable and ongoing investments we have made in both those destinations.”
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 significant new restaurant and bar precincts, increased entertainment and retail options and new resort facilities. The Star has also committed to delivering these tourism investments with no extra poker machines.
“The masterplan in its entirety would see The Star Gold Coast boast more tourism accommodation than any other resort in Australia,” Bekier says.
“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.”
The first phase of the overall master plan’s five new towers was approved in December 2016 and is currently under construction. The Dorsett hotel and apartments tower is planned for a 2022 completion.
“The masterplan also looks at ways to enhance the connection of Broadbeach Island with Pacific Fair, the Gold Coast Convention Centre and the surrounding Broadbeach precinct,” Bekier says.
“We are excited about the tourism forecasts we are seeing for the Gold Coast and much-needed new infrastructure will deliver a resort of true international appeal. The Star can deliver that without the need for any additional poker machines. That is our stake in the ground, the commitment we stand by.
“At the same time, our ability to proceed with the masterplan will ultimately depend on market and competitor conditions at the appropriate time, given the significance of such an investment.”
This article originally appeared on www.theaustralian.com.au/property.
