Media Man Blog
The Star puts Sheraton Grand Mirage on the market for $200 million
Embattled Australian casino operator The Star is pulling out all the stops in its equity drive, now listing its Sheraton Grand Mirage resort on the Gold Coast for $200 million, according to reports.
The beachfront property is 50 percent controlled by The Star, alongside Hong Kong Stock Exchange-listed Far East Consortium and Chow Tai Fook – each controlling 25 percent.
Both Hong Kong-based companies also hold the same percentage in the $3.6 billion Queens Wharf casino and resort project in Brisbane.
The joint venture between the three companies acquired the Sheraton in early 2017 for some 140 million, with The Star contributing $40 million of equity.
Now the 295-room hotel is up for grabs, with The Star initially showing signs of its disposal in February after it announced it was anticipating losses of up to $1.11 billion due to legal cases for anti-money laundering breaches and potential changes to the New South Wales tax regime.
The group is undergoing a massive equity drive to raise some $545 million, including investment from its Sheraton and Queens Wharf projects.
