Casinos operator The Star Entertainment Group is set to spend even more on revamping its Gold Coast casino and hotel complex as it adds another new hotel tower to the property.
The company has already committed $345 million to giving the existing hotel’s 600 rooms a makeover and building a six-star 17-storey hotel tower, with more than 50 luxury suites.
The Star Entertainment Group said on Friday that it is planning a new 200-metre hotel tower, comprising around 700 hotel rooms and apartments, on the ocean side of the Gold Coast property.
The company is also considering developing a live sports theatre, offering live entertainment, events, screens broadcasting sports from around the world, and various food and beverage outlets.
“The Star Entertainment Group initially committed $345 million to the refurbishment of the existing hotel and construction of the all-suite hotel tower,” the company said on Friday.
“The total investment under consideration has the potential to reach around $850 million, with the proposed hotel/apartment tower plus the additional development works around the sports theatre, and further food and beverage offerings.”
The new 700-room hotel tower would lift the total number of rooms and suites available at the Gold Coast property to almost 1,400.
“We want to be Australia’s leading integrated resorts operator, and our plans for the Gold Coast are a significant part of that vision,” chief executive Matt Bekier said.
The Star Entertainment Group is currently redeveloping its Gold Coast property; redeveloping The Star casino and hotel complex in Sydney, where it is spending around $1 billion; and is building a new $3 billion casino and resort complex at Queens Wharf in Brisbane to replace the Treasury casino.
The Star Entertainment Group said the developments at all three of its properties will be done through joint-venture arrangements with Hong-Kong-based Chow Tai Fook Enterprises and Far East Consortium.
Shares in The Star Entertainment Group were 10 cents lower at $5.16 at 1506 AEDT.