State reaches agreement to end negotiations with The Star

State Development Minister Kate Jones today announced the Palaszczuk Government had concluded exclusive negotiations with The Star Entertainment Group by mutual agreement.

Ms Jones said the end of exclusive negotiations – along with the cessation of the Global Tourism Hub market process – would enable The Star to focus on getting on with its multi-billion-dollar investments in South East Queensland.

“Through the exclusive negotiation process for a Gold Coast Global Tourism Hub we worked really hard to extract value from The Star, but the deal on the table did not stack up for taxpayers,” she said.

“We were not able to reach consensus around the terms for long-term casino licence exclusivity.

“Global market conditions are clearly impacting investment at present and I can confirm that this government has no intention of reviving the market process for a new integrated resort – including a second casino – on the Gold Coast.”

By 2038 Star Entertainment have told the government investments on the Gold Coast will deliver:

• $2.2 billion masterplan
• 9000 construction jobs
• 2800 operational jobs
• 650 additional hotel rooms
• 2000 luxury apartments

Ms Jones said the Palaszczuk Government would continue to work with City of Gold Coast and local businesses to support tourism investment on the Gold Coast.

The Star Entertainment Group Chairman John O’Neill AO said the company and its partners have already committed around $4.5 billion to reinvigorate tourism in South East Queensland.

“Investments in Queen’s Wharf Brisbane alongside those on the Gold Coast where we’ve refurbished The Star Grand hotel, opened The Darling hotel and have the Dorsett hotel and apartments tower under construction are proof of our commitment to creating world-class tourism and entertainment destinations that will bring more than a million additional visitors to Queensland every year,” Mr O’Neill said.

“We have confidence in the future of tourism and, under the right conditions, will continue to invest through our $2 billion-plus Gold Coast masterplan that will help government deliver further significant economic benefits for Queensland including thousands of jobs.”

ENDS 

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