The Queensland state government has announced that plans to develop a second casino on the Gold Coast have been axed due to ‘global market conditions’.
Confirmed by state development minister Kate Jones, the Palaszczuk Government has concluded exclusive negotiations with the Star Entertainment Group by mutual agreement.
Jones highlighted that the end of exclusive negotiations, along with the cessation of the Global Tourism Hub market process, would enable The Star to focus on advancing with its multi-billion-dollar investments in South East Queensland.
She said: “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.
“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.”
Jones confirmed that the Palaszczuk Government will ‘continue to work’ with the city of Gold Coast and local businesses to support tourism investment in the region.
In an official statement, it’s claimed that through the investments made by Star Entertainment on the Gold Coast a AU$2.2bn masterplan would deliver 9,000 construction jobs, 2,000 operational jobs, 650 additional hotel rooms and 2,000 luxury apartments.
Star Chairman, John O’Neill, noted: “We have confidence in the future of tourism and, under the right conditions, will continue to invest through our $2bn-plus Gold Coast master plan that will help the government deliver further significant economic benefits for Queensland including thousands of jobs.
“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.”