One of the largest Australian gaming and entertainment groups, Star Entertainment Group, shared that high-roller customers and Queensland businesses have brought larger revenue, at a time when the company has been focused on new Gold Coast– and Brisbane-located projects’ roll-out.
As reported by the operator, the strong revenue growth registered since the beginning of the year has been backed by the boom in the local tourism market, as the number of international VIP customers has also increased. In addition, Star Entertainment further announced a large increase in the amount of the transformational revamp and expansion of its Brisbane-situated Queen’s Wharf project, with a 25% boost in the gross area which is expected to bring the resort costs up from AU$1.8 to AU$2.4 billion.
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The company is currently engaged with the development of its AU$2.4-billion Queen’s Wharf resort situated in the central business district of Brisbane. Today, the gambling operator revealed that its revenue increased by 16.4% in the period from January to May 2018.
As revealed by Matt Bekier, the Chief Executive Officer of Star Entertainment, official offers for the first phase of the Queen’s Wharf project are set to be released in June. He further explained that additional dining and retail areas are also planned for the resort. As previously revealed, the foundations, as well as the basement of the project are set to be laid down in 2019, while the construction above the ground expected to begin a year later, in 2020.
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More Regulatory Clarity Needed for Gold Coast Tower Project
As mentioned above, Mr. Bekier revealed that the floor area of the company’s Queen’s Wharf project would be bigger than the one originally planned, due to expanded retail and dining area. According to the company’s Chief Executive Officer, the increase reflects the confidence which Star Entertainment has in Queensland and Brisbane.
The company’s boss explained that the increase marked in the number of tourists and higher interstate migration have helped the economy of the state.
The Star Entertainment Group has revealed that the construction of its Gold Coast casino’s new accommodation tower is planned to kick off in August 2018. However, the company still needed more clarity to be brought on the matter, with the State Government expected to say whether the operator would need another casino license, especially for the tourist strip. According to Mr.
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Bekier, Star Entertainment is absolutely fine with the planned investment in the new tower, but more regulatory clarity would be needed before further investment is given a go.
Kate Jones, the Minister of Queensland Tourism Industry Development is expected to meet with potential supporters of the new resorts in the region. Previously, Star’s CEO shared his opinion that the Gold Coast did not need another casino resort, considering his company’s plans to built four more towers of up to 74 storeys at the already existing Broadbeach venue. In any case, no more poker machines are proposed at the site in question.