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Mixed success for The Star as it tries to sell off Brisbane and Gold Coast properties

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Mixed success for The Star as it tries to sell off Brisbane and Gold Coast properties
The Star Entertainment Group has successfully divested itself from the Sheraton Grand Mirage Resort on the Gold Coast, but the sale of the Brisbane property which housed the Treasury Casino has fallen through.

The Sheraton Grand Mirage Resort Gold Coast has been sold to the the Karedis and Laundy families for $192 million, subject to transferral of the liquor licence. Australian Wattle Development – of which The Star owns 50 per cent – bought the Gold Coast hotel in 2017 for $140 million.

The Karedis family owns large scale retail developments and several hotels, including Sofitel Noosa Pacific Resort on the Sunshine Coast, Manly Pacific in Sydney and Crowne Plaza Terrigal Pacific on the New South Wales Central Coast, through its property business Arkadia. The Laundy family owns a swathe of pubs throughout Sydney and the Central Coast.

Earlier this year, The Star indicated its intention to sell the property as it struggled with the fallout of inquiries in New South Wales and Queensland which found The Star’s casinos unsuitable to hold gaming licences in both states in addition to a deterioration in trading conditions.

In Brisbane, however, The Star is having less success with the sale of the Treasury Casino and hotel buildings. Charter Hall had originally entered into a sale and partial leaseback arrangement with The Star in 2021, however, Charter Hall has now pulled out of the sale as several conditions for the transaction have not been met within contractual timeframes and the buyer does not wish to extend the deadlines further. The value of the sale was $248 million.

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