Jupiters Gold Coast to undergo huge transformation
There’s exciting news for the Gold Coast as the Jupiters Casino is set to undergo a massive transformation.
The Star Entertainment Group along with its Hong Kong partners could build up to five new towers with 3,000 hotel rooms and apartments as part of the $2 billion masterplan to expand and revamp the ageing Jupiters casino.
Jupiters Hotel and Casino has already been part of the local Gold Coast community for the past 30 years and is within easy reach of the Broadbeach precinct. It is currently home to a world-class hotel with award-winning restaurants, lively bars, stage shows and concerts as well as the 24-hour casino. It will be rebranded later this year as The Star, Gold Coast.
The Star Entertainment Group is currently working with the City of Gold Coast Council and State Government on the required approvals for the master plan concept and proposed new tower.
This proposed new 200-metre hotel and apartment tower will include 350 apartments and 700 hotel rooms of 4.5-star quality, with construction expected to commence in 2017 with this tower located on the ocean side of Jupiters. This would take the current $345 million redevelopment of Jupiters to a potential mega-investment valued at approximately $850 million and this large-scale development would maximise opportunities for tourism.
If all goes well and there is good demand, then four further towers could also be built at two year intervals with the idea to produce a compelling and world-class integrated resort to the Gold Coast region.
As well as there potentially being five new towers for hotel rooms and apartments, the master plan also includes a world class recreational deck with water features, pools, and spa, tropical gardens as well as brand new entertainment facilities.
This master plan will also look at ways of enhancing the connection of Broadbeach Island with Pacific Fair, the Gold Coast Convention Centre and the surrounding Broadbeach precinct.
The Star and Hong Kong investors Chow Tai Fook and Far East Consortium will each hold a third share in the initial tower, whilst The Star will use the proceeds from the apartment sales to fund its portion of the hotel development.
If demand goes well and the development achieves its pre-sales it is likely that they will go ahead and fund the next tower. The Star will also outlay $100 million for a live sports theatre, new restaurants and tweaks to the casino floor over four years.
This proposal is in addition to the $345 million redevelopment of Jupiters. This money will be used to refurbish 600 existing hotel rooms as well as fund the six-star, 17-storey hotel tower which will be home to over 50 luxury suites and is currently under construction.
According to Mayor of the City of Gold Coast Tom Tate, “This level of investment from The Star shows the confidence in our city and the broader south east Queensland region”.
“It is a long-term vision and one we support as the Gold Coast matures into one of the most dynamic regional cities in the Southern Hemisphere. Residents, domestic and international visitors will enjoy incredible facilities and entertainment in this integrated resort as it evolves over the years.”
This proposed new 200-metre tower could generate over 1,000 construction jobs, whilst Jupiters’ workforce would also need to expand to approximately 2,300 employees once the development is complete and operational.
The Star Entertainment Group Managing Director and CEO Matt Bekier said: “Our aim is to be Australia’s leading integrated resort company and our plans for the Gold Coast are a significant part of that vision.
“This proposed master plan concept is about building on the exciting tourism forecasts we are seeing for the Gold Coast, with much-needed new infrastructure to deliver an international world-class integrated resort on the coast without the need for any additional poker machines.”
This is not the first time that The Star has partnered with Far East Consortium and Chow Tai Fook. They have also worked together on the $3 billion Queen’s Wharf complex in Brisbane, as well as the $1 billion tower in Sydney, including a Ritz Carlton hotel.
According to Mr Bekier, “This type of joint venture with our highly-credentialed partners has the potential to create a tourism asset on a significant scale that helps position the industry as an economic driver in Queensland.”
He also states, “Importantly, with our vision for the Gold Coast together with Queen’s Wharf Brisbane, we will be able to leverage the unique tourism experiences both properties will offer. This will provide an even broader benefit to the south-east Queensland region as a whole by encouraging more visitors to stay longer.”
Published on 18th of May 2016 by Marty Stanowich