The Star to Construct 61 Storey Hotel at its Sydney Casino

61 storey hotel star casinoStar Entertainment Group Limited is looking forward to starting a new project for building a 61 storey hotel at it Sydney based casino site. In this regard, the casino operator has submitted its proposal to the New South Wales government and waiting for the final confirmation.

For this project, the Star Entertainment has entered into a partnership with a Hong Kong-based company named Chow Tai Fook Group and Far East Consortium. Both these companies are planning to invest A$500 million in the construction of the hotel which will be developed inside the boundaries of the entertainment district at the Sydney casino location.

The hotel construction work has been assigned to a company named Francis-Jones Morehen Thorpe Property Ltd, and they would dub the “Ritz Carlton Sydney Hotel”. The building will feature 200 private residences and 220 six star hotel suites.

Apart from that, there will be a terrace on the top roof with a couple of gyms, wellness centres and a restaurant. There is no official confirmation for building any casino or additional tables inside the hotel building.

Star Entertainment Group Limited is the second largest casino operator in Australia and one of the top 10 Australian Casinos. It is one of the leading and sought after destinations for high rollers from Asia.

More Investment in Hotel Construction

Star Entertainment has already agreed to invest another A$500 into the project for developing and improving the site. There will be extensive refurbishments at the Astral Tower and Residence with the arrival area being renovated and the VIP facilities will be upgraded. Chow Tai Fook Group and the Far East Consortium have invested A$490 million in acquiring the stake in Star Group that runs 3 casinos on the eastern coast.

Expected Rise in Tourism

In a statement, Matt Bekier, who is the Chief Executive Officer of Star Entertainment says:

Forecasts suggest Australia’s current visitation of around 8.3 million international visitors per annum will rise to 15 million a year inside a decade. To cater to that demand, we need the necessary tourism infrastructure.

Sydney lacks sufficient high-end hotels to meet this wave of international tourist demand, led by the rapidly expanding wealthy Chinese middle-class demographic. Australia currently attracts just 1 percent of China’s international outbound travellers.

The CEO went on saying that the company has high aspiration from the New South Wales Government to approve the project so that they can initiate the partnership with Far East Consortium and Chow Tai Fook Group. The trios have already started working to transform the Queen’s Wharf Brisbane and the Star Gold Coast.

It is expected that the Queen’s Wharf Brisbane casino resort will be open for public in the latter half of 2022. The casino project was expected to cost around A$2 billion initially, but the new estimates say that the construction charges would now cost A$2.4 billion.

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