CASINO

Fourth tower on the fast track at Star Gold Coast

TAGs: Australia, gold coast, Queensland, The Star Entertainment Group

Fourth tower on the fast track at Star Gold CoastThe Star Entertainment Group (SEG) announced on April 29 that the development of the fourth tower at their Star Gold Coast property will now head to the fast track. Instead of delaying it into 2021, the company announced that construction on the 215 meter tall structure will begin in early 2020,

Apartment sales for the structure will begin next month. Included in the structure beyond the apartments will be a five star hotel, restaurants and bars, nighttime entertainment, as well as a day spa.

SEG Managing Director and CEO Matt Beiker explains, “This latest hotel tower will further progress the internationally-competitive resort facilities we are offering to domestic and international tourists.”

The original plan to expand the Gold Coast resort was approved in November of last year. The plan approved for four additional towers to be built, each of which would be somewhere between 52 and 74 stories.

The plan was expected to take the SEG to greater heights in terms of their international stamp related to casinos and resorts. In a filing with the Australian Stock Exchange, Beiker explained:

“The approval of this masterplan by the Queensland Government is another significant milestone in the transformation of The Star Gold Coast as a world-class tourism asset. We are great believers in the future of the Gold Coast and the significant tourism appeal of South East Queensland, both to domestic and international tourism.”

The new tower will be the second mixed-use structure at the Star Gold Coast resort, combining both hotels and apartments as part of the project. The company broke ground on the AU$400 million project in 2018 but was not expected to begin construction on the fourth tower until sometime in 2021. That gave a completion date of 2024 or beyond, but now it looks like the structure will be completed by 2022.

Recently, SEG unveiled their entire plan for the Gold Coast project. The AU$2 billion final project will include four more hotel towers, each of which will be associated with the Broadbeach Island facilities.

However, it has been made clear that those plans may be altered altogether. Recently, it has appeared that the Queensland State government me approve the issuance of a second casino license to Gold Coast, making it unnecessary to build all of the structures in one location. This would greatly alter the plans for three additional towers.

The big issue will be whether SEG wins the rights to the new casino registration. Three other casino operators are negotiating for the rights to the license as well, leaving the Gold Coast project with a tentative plan to move forward with four more towers.

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