Your Daily Asia Gaming eBrief: The Star confirms Grand Mirage sale

Tuesday 27th of June 2023

Good Morning. Australia's The Star finally has some good news to report, after months of complications. The group has finalized a $128 million sale agreement for its Sheraton Grand Mirage property, bringing in some much-needed financing. And in Macau, Citigroup says that non-gaming events, such as concerts, are driving revenue to integrated resorts, despite signs of a slow-down in luxury spend.

ASEAN Gaming Summit, asia gaming ebrief, Philippines

What you need to know

The Star finally books a win, with the sale of its Sheraton Grand Mirage property for some $128 million.
Citigroup notes that Macau's diversification efforts are gaining momentum, despite an overall drop in luxury spend.

On the radar

Blackstone aims to sell Bellagio hotel in Vegas.
Philippines still on global dirty money gray list.
Macau and Sing most popular destinations for Chinese outbound.

AGB Intelligence

AUSTRALIA

The Star gets a win with Sheraton Grand Mirage sale

Embattled Australian gaming operator The Star has finally garnered a win, as it has found a buyer for its Sheraton Grand Mirage resort. The company is expecting to get some $128 million for the property, a strong increase for its books as it continues its legal spats and negotiates with the New South Wales authorities over possible tax hikes that it says could essentially tank its business.