The Star Entertainment Group is pushing for a new 61-story hotel that will pierce the skyline over New South Wales. The new property is still only an idea. And yet, the company has already been making some serious pushes to see it become a reality. Star have filed a formal petition to the Australian government, outlining their future plans,if given the go-ahead, to introduce a Ritz-Carlton Hotel property.
Expansion in Australia
The new building will be part of the already running Star Sydney casino complex, which is allowed to carry out gaming activities. Still, no formal mention of expanding the existent casino operations has been made.
The Star has put even more flesh to their project by confirming the news together with their Hong Kong-based partner, Chow Taik Fook Group and Far East Consortium Ltd. The trio have spoken of a future facility that will host over 200 six-star hotel rooms along with 200 private apartments. The net worth of the entire project is estimated at $360.6 million.
But the property will hardly limit itself to offering cosy accommodation. More amenities will be available on the premises, including two gyms and a spa along with a wellness centre. All of this will be in the vicinity of the casino complex.
Whilst the Star Entertainment Group hurried up to petition the government, it made no mention in the document whether it intends to introduce any changes to the existing casino property. Given that the Star Sydney Group is in charge of the second-largest such property in the country, it could be surmised that the company’s appetites for the segment are not quite quenched.
One particularly good source of revenue has been Asian high rollers. In light of this, the company stated that it will seek to improve upon its growth of VIP operations. An additional investment carried out by the Star Sydney Group targets the refurbishment of already existing facilities, which will seek to spruce up the overall look of the complex itself.
Playing the long game, Australia expects to see the total number of visitors double within a decade, creating ample opportunities for lovers of gambling, casinos and comfortable hotels to enjoy. Naturally, business stands also to benefit in a big way.
Meanwhile, Star continues to invest across other properties in Australia, diversifying its portfolio and hedging against unlikely turns of events. One of the most prominent investments of the company by far is The Queen’s Wharf Brisbane. Still in the works, the property will open doors in 2022. The total value of the whole development project is estimated at $1.3 billion dollars and Star owns a flat 50% of that.
It’s not only the foreigners who benefit from gambling, though. Australia is known to be one of the countries that accepts gambling as a natural occurrence and is not dead set against it. With the development of new properties and the influx of visitors with a love for a gamble, we are likely to see the whole of the industry do well for years to come.