Wed, Jan 30, 1:49pm by Staff Writer
Despite growing conjecture about the site of a proposed new Gold Coast casino, the region’s existing casino has announced a revamp to its entertainment offering.
The Star Entertainment Group is potentially going to add a new concert venue to its precinct that would attract high-profile performers according to Business News Australia.
The group’s chief executive officer Matt Bekier says the proposed entertainment offering would help the Gold Coast compete with Australia’s major capital cities to host major acts from around the country and the globe.
“An outdoor venue that can stage concerts of small and large scale would drive great cut-through and further enhance the Gold Coast as a music destination,” Mr Bekier said.
The Star’s recent announcement comes after the second Gold Coast casino’s ‘Global Tourism Hub’ looks to compete with the existing offering on the Coast.
The tourism hub would seek to attract high-profile music acts, contain apartments, a shopping centre and a gaming venue.
The Queensland state government introduced the Global Tourism Hub concept as one that involves the construction of integrated resorts across the state.
The plan aims to attract national and international investment and is expected to boost Queensland’s A$25 billion tourism industry that supports more than 200,000 jobs.
Conjecture remains surrounding the site of the second casino, with the city of Southport the latest to be considered the ‘favourite’ according to The Bulletin.
In 2018, analysts Macquarie noted that a development of larger than A$400 million would struggle to deliver an ‘appropriate return’ to investors.
Their analysis centres around the existing casino on the Gold Coast, The Star Gold Coast that has a 45 per cent market share.
The market generated A$616 million in gaming revenues in the 2018 fiscal year, underpinned by one of Australia’s highest domestic per capita gaming spends.
“Given the market structure, a new competitor would be arguably challenged to expand the domestic market with an investment case most likely based on taking significant domestic market share from the incumbents,” Macquarie said.
Mr Bekier says the Star Entertainment Group wants this proposed venue to be an ‘asset’ to the local community and be embraced as part of the city’s fabric.
“What a wonderful example of the Gold Coast lifestyle to be able to listen to concerts across the water, whether its rock, jazz, classical, or an event that appeals to all ages,” he added.
The Star has partnered with the Gold Coast 2018 Commonwealth Games, The Star Gold Coast Magic Millions and hosted the TV Week Logies at Broadbeach in recent times.
The Star Gold Coast has unveiled plans to build an open-air concert venue in the hope of luring a greater number of local and international acts to the sunny shores.
— Mackenzie Scott (@MackenzieJScott) January 28, 2019
Mr Bekier is keen to enhance Gold Coast’s existing music scene, with the Star supporting the Blues on Broadbeach festival and hosting the Country Music Awards in the past.
“The Star Gold Coast theatre is an established venue and has regular performances by leading musical acts,” he says.
The outdoor concert venue proposal is still taking shape and The Star Entertainment Group will need to secure all necessary approvals according to Bekier.
The existing Star Casino on the Gold Coast has recently been approved for A$2 billion in upgrades, with a company spokesman outlining it was focused on expanding its facilities and not on a potential new local player.
“The Gold Coast is not the most attractive market for a new integrated resort and casino, in our view, relative to other regions within Australia.”
The Star Casino’s masterplan includes a commitment to no more poker machines for the Gold Coast and would integrate tourism assets across the Star Gold Coast, Queens Wharf Brisbane and the Sheraton Grand Mirage to A$9 billion.
The Star Gold Coast was formerly known as Jupiters Casino until 2007 after opening in 1986.
The seven-acre complex includes eight bars, seven restaurants, conference facilities, a ballroom, theatre, health spa and gym.
The hotel has 592 rooms across 21 floors.
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