Queensland’s state government axes plans to develop a second casino on the Gold Coast citing ‘global market conditions’ but has also denied an exclusivity agreement with Star Entertainment, owner of The Star Gold Coast, that would see it invest AU$2bn into the Gold Coast Masterplan.
Caesers Entertainment, Galaxy Entertainment, Hard Rock International and Melco Resorts & Entertainment were all said to be interested in the second Queensland casino at some stage.
State Development Minister Kate Jones explained: “We worked really hard to extract value from The Star, but the deal on the table did not stack up for taxpayers. We were not able to reach consensus around the terms for long-term casino license exclusivity. Global market conditions are clearly impacting investment at present and I can confirm that this government has no intention of reviving the market process for a new integrated resort, including a second casino, on the Gold Coast.”
Star Chairman John O’Neill said: “We have confidence in the future of tourism and, under the right conditions, will continue to invest through our $2bn-plus Gold Coast masterplan that will help government deliver further significant economic benefits for Queensland including thousands of jobs. Investments in Queen’s Wharf Brisbane alongside those on the Gold Coast where we’ve refurbished The Star Grand hotel, opened The Darling hotel and have the Dorsett hotel and apartments tower under construction are proof of our commitment to creating world-class tourism and entertainment destinations that will bring more than a million additional visitors to Queensland every year.”