The Star Gold Coast receives State approval for Massive $2 billion Master Plan
While Victoria was preparing for the Melbourne Cup last week, the Queensland State Government announced it had approved a Master Plan for The Star Gold Coast valued at over $2 billion, providing a massive boost for tourism across South East Queensland (SEQ) and creating 10,000 jobs in the region.
In approving the Master Plan concept, The Premier, Annastacia Palaszczuk, said the proposal by The Star Entertainment Group and its partners Far East Consortium and Chow Tai Fook Enterprises, provided a platform for further investment at the Broadbeach Island integrated resort site.
The Master Plan approves the construction of four new towers, each with the potential to generate up to 1,800 jobs during construction. A further 3,000 ongoing operational jobs would be created between the towers, restaurants, bars, days spas and other facilities. Along with the four additional towers, the $2 billion-plus Master Plan includes the following:
- Significant new restaurant and bar precincts
- Increased entertainment and retail options
- Lush new resort facilities
The approval of The Star's Master Plan follows a series of major milestones as part of an initial $850 million redevelopment including:
- the opening of the luxury hotel The Darling
- the redevelopment of The Star Grand
- the purchase of The Sheraton Grand Mirage and;
- the start of construction of the Dorsett hotel and apartments tower.
The Star was the first official partner of the Gold Coast 2018 Commonwealth Games, the host venue for the Logies in July, and will host the Queensland Tourism Awards this month.The Star has also committed to delivering these tourism investments with no extra poker machines.
The first phase of the overall Master Plan’s five new towers - dubbed 'The Star Residences' - was approved in December 2016 and is currently under construction. The 53-storey tower has been designed by DBI design and Cottee Parker and will include a 316 room Dorsett hotel in addition to 423 residential apartments with an expected completion date of 2022.
A phased approach is proposed for the development of the additional four towers and facilities. According to The Star Entertainment Group, the latest segment of the Master Plan is over and above the already-committed multi-billion dollar investments from the consortium partners into SEQ.
What they say...
This approval gives The Star and its partners the opportunity to lift The Star's profile with international tourists to even greater heights. Over the past four years Star has demonstrated its confidence in Queensland’s tourism outlook by making significant investments to drive economic growth and job creation on the Gold Coast.
The Star Entertainment Group is driving a massive injection of private sector funding into Queensland’s tourism industry, creating thousands of construction and operational jobs and opening up countless new supply opportunities for Queensland businesses.
On completion of The Star Gold Coast and its $3.6 billion Queens Wharf Brisbane development, the consortium will have created up to 10 hotels, with almost 3,000 rooms between them, and up to 100 restaurants and bars. This translates into some 15,000 new jobs for Queenslanders.
Queensland is pivotal to The Star Entertainment Group’s approach and it continues to proudly support and host major events in Australia’s events capital of the Gold Coast. As a top 100 ASX company, The Star Entertainment Group, also plans to relocate its corporate office to Brisbane, which is another salute to Queensland.
- Annastacia Palaszczuk, Queensland Premier
The Master Plan in its entirety would see The Star Gold Coast boast more tourism accommodation than any other resort in Australia. The 3000 hotel rooms and apartments would also exceed what the world-renowned Marina Bay Sands in Singapore offers, and be on a scale to compare with the largest integrated resorts in Las Vegas.
Once the Queen’s Wharf Brisbane transformation is complete, and if The Star Gold Coast Master Plan is rolled out in full, we will have tourism assets across SEQ worth around $9 billion. This includes the original assets on the Gold Coast and Brisbane, and the considerable and ongoing investments we have made in both those destinations.
We are delighted to receive the State Government’s approval of our expanded Master Plan. Our site at Broadbeach is the perfect location for continued development of tourism assets that will deliver to the Gold Coast an integrated resort capable of competing with the best on a domestic, regional and global basis.
This would be a project of incredible scale, delivering substantial economic benefit to the State from jobs and increased tourism visitation. In addition to The Star Grand, The Darling and The Dorsett hotel tower, our expanded Master Plan provides the opportunity for another four towers and world-class facilities.
They would include a stunning recreational deck, water features and hero pools, a quality day spa, new dining precincts, more bars and cafes, exciting entertainment facilities, plus a nightclub where international acts can be showcased.
The Master Plan also looks at ways to enhance the connection of Broadbeach Island with Pacific Fair, the Gold Coast Convention Centre and the surrounding Broadbeach precinct.
- Matt Bekier, Managing Director and CEO of The Star Entertainment Group
