Australia’s Star Entertainment Group has received state government approval that will see it invest an additional AU$2 billion into a new “mega masterplan” for its Queensland IR development projects in Brisbane and the Gold Coast.
The masterplan, a joint project between Star and its Hong-Kong-based partners Chow Tai Fook and Far East Consortium, includes construction of five new hotel towers at The Star Gold Coast, four of which have been added to earlier plans and will be built on Broadbeach Island along with associated resort facilities.
Along with the four additional towers, the AU$2 billion-plus expanded masterplan includes multiple new bar and restaurant precincts, increased entertainment and retail options and extensive new resort facilities.
“The masterplan in its entirety would see The Star Gold Coast boast more tourism accommodation than any other resort in Australia,” said Star Entertainment Group Managing Director and CEO Matt Bekier.
“The 3000 hotel rooms and apartments would also exceed what the world-renowned Marina Bay Sands in Singapore offers and be on a scale to compare with the largest integrated resorts in Las Vegas.”
Bekier added that the latest segment of the masterplan is over and above the already-committed multi-billion-dollar investments from the consortium partners into Southeast Queensland, including at Queen’s Wharf in Brisbane.
“Once the Queen’s Wharf Brisbane transformation is complete, and if The Star Gold Coast masterplan is rolled out in full, we will have tourism assets across SEQ worth around AU$9 billion,” Bekier said.
“This includes the original assets on the Gold Coast and Brisbane and the considerable and ongoing investments we have made in both those destinations.
“We are delighted to receive the State Government’s approval of our expanded masterplan. Our site at Broadbeach is the perfect location for continued development of tourism assets that will deliver to the Gold Coast an integrated resort capable of competing with the best on a domestic, regional and global basis.
“This would be a project of incredible scale, delivering substantial economic benefit to the State from jobs and increased tourism visitation.”