Tabcorp increases investment at Star City
Tabcorp Holdings Limited has announced plans to invest an additional $285 million on the redevelopment of Star City, including a 3,000-seat multi-purpose entertainment venue and new VIP customer facilities. Tabcorp will invest $100 million to create a multi- purpose Events Centre. The Events Centre will cater for major international acts, trade shows, exhibitions, conferences and television events. It will make the most of Star City’s location and overlook the harbour and city.
There will be a $160 million investment to attract international VIPs to Sydney and offer them world class facilities. The investment includes luxury hotel suites and private residences, expanded private gaming room facilities and two private aircraft to bring VIPguests to Sydney from across the Asian region. A further $25 million will be spent on enhancements to the development already underway, including restaurants, state-of-the-art customer technology and an improvedcustomer arrival experience. The $285 million investment - which is in addition to the current $575 million redevelopment project - takes the total capital investment at Star City to $860 million, in addition to the $100 million licence payment to the New South Wales Government. Last year, Tabcorp commenced the upgrade program at Star City. The project includes the reorientation of the property towards Sydney Harbour, a new 5-star hotel, several new restaurants and bars, an international nightlife venue, world class spa and treatment rooms, 4,000 square metres of retail space
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and the refurbishment and expansion of the casino. The redevelopment is on track with minimal disruption and the first of the new gaming and restaurant areas are now open. Tabcorp Chief Executive Officer Elmer Funke Kupper said: “We are transforming Star City into Australia’s best entertainment destination and one of the best casinos in the world. Our investment will give Sydney the entertainment destination that it deserves, will realise the full tourism potential of the casino property and deliver positive returns to our shareholders.” The property performed strongly during the initial construction period. In 2010, EBITDA was up 10.0% to $219.9 million driven by an expansion of the product offer, new technology and improved marketing. Tabcorp’s Chief Executive of Casinos Larry Mullin said the additional investments will leverage the unique position of Sydney in the Asia Pacific region and maximise the potential of the entire property. “Sydney is one of the most attractive cities in the world and well positioned in a growing Asian region. Star City enjoys a unique position in the Sydney market, with an exclusive casino licence and opportunities to expand its gamingand non gaming offer. The additional investments we are announcing today will maximise the growth of Star City and will support Sydney as a major entertainment destination.” The Star City redevelopment will create 750 construction jobs, and 1,000 ongoing jobs. It will be completed in 2012.
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