written and last updated by
Sam Smith at
03 Oct 2023
Journalist, Editorial Department
Star Entertainment, the operator of the casino, has decided to sell the Treasury complex in Brisbane. The casino, hotel, and parking facilities, which occupy two city blocks, are expected to fetch around AUD 200 million (approximately RUB 12.56 billion).
The decision to fully divest from this asset was prompted by the termination of an agreement with investment and fund management firm Charter Hall. The deal, announced in October 2021, involved the sale of Treasury Brisbane for AUD 248 million (around RUB 15.6 billion) with a condition for a leaseback arrangement.
Treasury Brisbane is a complex built in the exquisite style of the Italian Renaissance between 1883 and 1905 and is listed as a heritage site. The casino spans 20,000 square meters and includes the 120-room Treasury Hotel and a parking facility with 680 spaces.
Sam McVay from McVay Real Estate and Paul Nunan from JLL have been tasked with selling the three buildings either as a package or individually. "The combination of the historical significance of Treasury Brisbane, its aesthetics, and its location near Queen’s Wharf makes it a truly exceptional opportunity," McVay noted.
The potential sale of Treasury is bolstered by strong performance in Brisbane's hotel market. From January to August 2023, the average hotel occupancy rate was 73%. Investors are also looking for opportunities to establish a presence in the city, which will host the 2032 Olympic Games.
On September 25, Star announced that it would retain its "world-class strategic assets," including The Star Sydney and The Star Gold Coast, as well as its stake in the new AUD 3.6 billion Queen’s Wharf complex in Brisbane, which is still under construction and set to open in April 2024. The casino complex will feature 1,000 premium hotel rooms, over 50 restaurants and bars, gaming areas, and other amenities.
In related news, Mexican gaming company Logrand is looking to acquire a chain of Chilean casinos.
