{"id":6593,"date":"2023-06-26T00:00:00","date_gmt":"2023-06-26T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/europe\/star-entertainment-want-to-sell-sheraton-grand-mirage-resort-to-pay-fines\/"},"modified":"2023-06-26T00:00:00","modified_gmt":"2023-06-26T00:00:00","slug":"star-entertainment-want-to-sell-sheraton-grand-mirage-resort-to-pay-fines","status":"publish","type":"europe","link":"https:\/\/www.mundovideo.com.co\/en\/europe\/star-entertainment-want-to-sell-sheraton-grand-mirage-resort-to-pay-fines\/","title":{"rendered":"Star Entertainment want to sell Sheraton Grand Mirage Resort to pay fines"},"content":{"rendered":"<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Australian casino giant <\/span><\/span><strong><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Star Entertainment Group<\/span><\/span><\/strong><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> is set to sell the <\/span><\/span><strong><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Sheraton Grand Mirage Resort Gold Coast <\/span><\/span><\/strong><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">property. This announcement comes amid very difficult times for the company that have seen it lose public trust.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">The operator was negatively impacted by probes into its business that discovered severe regulatory failures. Forced to pay two fines of over a hundred Australian dollars and to introduce remediation plans, Star Entertainment Group quickly began losing steam.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">The Star notes that it controls 50 percent of this beachfront&nbsp;property, alongside Hong Kong Stock Exchange-listed Far East Consortium and Chow Tai Fook &ndash; each controlling 25 percent.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Australian Wattle Development, a company controlled by Star, will sign the agreement with the purchaser, the Karedis and Laundy families &ndash; subject to the buyer obtaining approval for the transfer of the liquor license from the Queensland Office of Liquor and Gaming Regulation.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">The Sheraton Grand Mirage Resort Gold Coast was acquired for AU$140 million ($93 million) in January 2017 by Australian Wattle Development, which also counts Hong Kong&rsquo;s Chow Tai Fook and Far East Consortium as partners.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">The Star initially showed 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.&nbsp;<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">The company announced last week that the deal to sell buildings comprising its Treasury Casino and Hotel property in Brisbane to integrated property group Charter Hall has fallen through.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">However, the New South Wales government postponed the increase in casino taxation rates last week. Meanwhile, Queen&rsquo;s Wharf Brisbane has seen its opening date pushed back by four months, now expected to only&nbsp;open in April of 2024. According to its most recent financial reports, The Star reported a 1H23 loss of $861 million.<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Forced to pay two fines of over a hundred Australian dollars and to introduce remediation plans, Star Entertainment Group quickly began losing steam.<\/p>\n","protected":false},"author":1,"featured_media":6594,"menu_order":347,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[3807,3806,3808],"class_list":["post-6593","europe","type-europe","status-publish","format-standard","has-post-thumbnail","tag-sheraton-grand-mirage-resort","tag-star-entertainment","tag-transaction","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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