Casino operator Star Entertainment Group acquires Gold Coast hotel resort

The Star, which has bought the 5-star beachfront resort with partners Chow Tai Fook Enterprises and Far East Consortium, is contributing around $40 million in equity investment for its share of the purchase.

Matt Bekier, chief executive of The Star, says the resort is a perfect complement to the group's existing properties - Jupiters on the Gold Coast, Queen's Wharf in Brisbane and The Star in Sydney.

The acquisition sees Sydney-listed The Star Entertainment Group Limited hold a 50% stake in the five-star Queensland venue, which is operated under a long-term management agreement by American hotel giant Marriott International Incorporated, while each of its partners get 25% stakes.

“The Sheraton Grand Mirage Resort Gold Coast is a distinctive tourism destination [as] it is the Gold Coast’s only five-star beachfront resort,” read a statement from Matt Bekier, Managing Director and Chief Executive Officer for Brisbane-based The Star Entertainment Group Limited.

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It is a highly valuable asset as it is and we will look to further enhance its appeal over time, always respecting the unique natural environment of The Spit and preserving the character of this special area

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“We believe as an offering, [the Sheraton Grand Mirage Resort Gold Coast] will also provide a perfect complement to our existing properties where transformational developments are underway or set to proceed at Jupiters Hotel And Casino Gold Coast, Queen’s Wharf Brisbane and The Star Sydney,” read the statement from Bekier. “The opportunity to offer our guests diverse and world-class experiences and enjoy a mix of urban and beachfront luxury is enhanced by this acquisition. The Star Entertainment Group Limited views the tourism sector as a significant long-term economic driver for Queensland and Australia and the purchase of the Sheraton Grand Mirage Resort Gold Coast reflects that confidence.”

The Star Entertainment Group Limited is hoping to open its under-construction $2.3 billion integrated casino resort in the Queen’s Wharf business district of Brisbane by 2022 while The Star Sydney is due to begin welcoming guests to a new $375 million six-star hotel managed by The Ritz-Carlton Hotel Company in late-2020. The former project will see The Treasury Casino And Hotel transformed into a six-star boutique hotel and shopping mall with the operator explaining that its purchase of the Sheraton Grand Mirage Resort Gold Coast included an equity investment of approximately $30.6 million.