The Star confirms sale of Sheraton Grand Mirage for $125 million

Australian gaming operator The Star indicated on Monday that it had reached an agreement for the sale of its Sheraton Grand Mirage Resort Gold Coast for AU$192 million ($125.03 million).

The group had put the property on the market back in March, confirming an agreement for the sale in June.
According to a filing by the casino resort operator, the new owners are ‘entities owned by the Karedis and Laundy families’.
The Karedis family made their fortunes via liquor stores and now owns property group Arkadia – invested in shopping malls and hotels. The Laundy family runs a hotel chain and a series of pubs.
While the sale price was short of the AU$200 million ($130.24 million) it was initially seeking, the group is looking to make net proceeds totaling AU$60 million ($39.07 million) from the sale.
The funds should help the firm to pay off regulatory fines it is facing over AML/CFT failures and higher casino duties in the state of New South Wales.
The Star originally acquired the Sheraton Grand Mirage back in 2017, via its joint venture with Hong Kong Stock Exchange-listed partners Chow Tai Fook and Far East Consortium.
The group paid some AU$140 million ($91.15 million) for the property at the time.

Mergers & Acquisitions Property Casino Hotel Gold Coast New South Wales

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