Star Entertainment Group has announced it has expanded its strategic partners and will be raising A$490 million from two of its Hong Kong-based partners, Chow Tai Fook and Far East Consortium.
They will each claim a 4.99% stake in Star Entertainment Group as part of a new Strategic Alliance. The partnership will see both parties jointly pursue and participate in growth projects in, or adjacent to The Star’s current properties. It will also see the establishment of a marketing alliance to drive high-value tourism to The Star’s properties.
As part of the Strategic Alliance, Star Entertainment Group will have exclusivity on any new Australian or New Zealand casino or gaming developments pursued by CTFE or FEC.
The three companies have been collaborating in Australia’s tourism development sector since 2014, initially on the $3 billion Queens Wharf redevelopment in Brisbane, an integrated resort project expected to open in 2022.
Other activities by the alliance include the $140 million acquisition of the Sheraton Grand Mirage Gold Coast, as well as plans to develop a $400 million, 53-storey luxury hotel and residential project at Gold Coast’s Broadbeach Island, part of The Star Gold Coast master plan.
The first priorities of the new partnership include the Broadbeach Island project as well as two other hotel and residential developments in Sydney and on the Gold Coast.
Among the expansion developments proposed as part of the Strategic Alliance is the development of a new underground train station alongside The Star Sydney in Pyrmont, in partnership with the NSW Government.
John O’Neill said: “The board welcomes Chow Tai Fook and Far East Consortium as shareholders in The Star. Our expanded strategic partnership recognises the strength of our relationships built over the last four years and the shared vision of investing in properties with valuable long-term licenses in sought after destinations.”
Sources: asgam.com / agb.com / acbr.com
RICHARD BRANSON BUYS HARD ROCK CASINO IN LAS VEGAS
The Hard Rock Hotel and Casino in Las Vegas will be overhauled over the next several months following its purchase last week by billionaire Richard Branson.
The founder of Virgin Records and Virgin airlines announced the news barefoot and poolside and flanked by dancers at his new property while he popped a bottle of champagne.
The property, with about 1,500 rooms and suites is off the Las Vegas Strip and will eventually become Virgin Hotels Las Vegas. It will continue to operate under the Hard Rock name through the end of 2019 when the renovations are expected to be completed.
“Virgin is all about fun, entertainment, not taking ourselves too seriously,” Branson said. “Virgin Atlantic has had a lot of fun flying tons of people to Las Vegas from Britain for many years. Virgin America has done the same, and we wouldn’t have just come to Las Vegas unless we could’ve found the property that was very Virgin, and I think that’s what we’ve achieved.”
The 23-year-old property will remain open during renovations, which will take place in multiple phases. The company said it will invest “hundreds of millions of dollars” to transform the property. The property will retain its casino floor, which will be managed by a partner.
Sources: cdcgamingreports.com / huffpost / Washington post