Australian Casinos Expansions News Update
The Star Entertainment Expansions and Refurbishments
The Star Entertainment, one of the biggest operators of Australian Casinos, has won the rights to develop an integrated casino and resort at the Queen Wharf Area. Following the win, the Aussie casino operator has announced that it has plans that would see its Gold Coast Property add up to 4 towers that would host a total of 3000 rooms. Previously, the Aussie company has announced that its Queensland site that is located about fifty-two miles to the south of Brisbane is going to see the refurbishment of its six-hundred rooms, which would cost 251.8 million dollars. The refurbishment also includes a new 6-star 17 storey hotel tower that will host 50 luxury suites. The renewal will also witness the operator and its partners, Far East Consortium and Chow Tai Fook begin construction next year on a 4.5 star tower that is worth 365.3 million dollars that would offer seven-hundred rooms.
According to reports, Star Entertainment group, which is also the owner of the Star casino and the Treasury hotel and Casino, is revealed to be spending up to 1.46 billion dollars in order to witness the addition of 4 towers at 2 year intervals from the year 2022.
The Managing Director, Matt Bekier, has stated that the envisioned developments of the Gold Coast site and other Australian Casinos are not going to be carried out until the conditions of the market were right, and if the company manages to grab all of the needed planning approvals. He also added that the master plan sets out the entire potential of the site. Although the Star Entertainment group has many development plans on its plate, Matt Bekier made it clear that they will only carry on with additional towers that get the demand proven up through the pre sales.
Sky City Entertainment Development Plans
Sky City Entertainment is yet another big Aussie casino operator, the company has announced its intention to raise 177.76 million from its share holders via a 1- for 10 right offer so it can fund its future growing projects. Currently, the Auckland based company has 5 casinos in Australia and New Zealand and last month, the company was disrupted by the resignation of its CEO, Nigel Morrison. In a filing with the Stock Exchange of New Zealand, the company has revealed that it will use the net proceeds of this offer in order to pay back the bank debt and reduce gearing so it can fund its future projects and commitments in Adelaide and Auckland. It was declared that each share is going to be priced at 2.97 dollars, with eligible shareholders being able to acquire 1 new stock for every ten that they have at the moment.