This article is from the Australian Property Journal archive
STAR Entertainment Group has been buoyed by interim numbers on the Gold Coast, where it is undertaking a $2 billion expansion of The Star Gold Coast on Broadbeach Island, although its overall results were hit by the pullback of VIP gamblers.
It is undertaking the expansion alongside Hong Kong-based partners Far East Consortium and Chow Tai Fook Enterprises after receiving development approval from Queensland Premier Annastacia Palaszczuk in November, while just more than one year ago the same consortium had plans approved by Economic Development Queensland for the $3 billion Queens Wharf development in Brisbane.
The group’s casino numbers were hit hardest in Sydney. Gross revenue was up 5.0% to $1.334 billion and net revenue by 14.9% to $1.15 billion, while net profit after tax jumped by more than 350% to $148.5 million.
“Pleasing growth in domestic and international volumes in the Gold Coast support our growth strategy and confidence in the long-term potential of that location,” the group said, adding that construction of the first joint venture tower had commenced, with scheduled completion in the 2022 financial year.
It said the Queen’s Wharf Brisbane project remains on time and budget. Negotiations for the core, shell and façade pricings are expected to conclude in the final quarter of the current financial year, which would mean around 60% of the project’s total capital expenditure is contracted.
Australian Property Journal
