The Star sells Sheraton Grand Mirage Resort for $125 million

The Australian gaming business The Star has successfully sold its Sheraton Grand Mirage Resort Gold Coast for AU$192 million ($125.03 million). The property was put up for sale in March, and the transaction was completed in June.

The businesses of the Karedis and Laundy families are the new owners. Known for its liquor stores, the Karedis family now owns Arkadia, a real estate company that makes investments in hotels and shopping centers. The Laundy family runs many bars and a hotel.

The Star anticipates net proceeds of AU$60 million ($39.07 million), even if the selling price is below the objective of AU$200 million ($130.24 million). These revenues will cover increasing casino duties in the state of New South Wales as well as regulatory fines for failures related to anti-money laundering and counterterrorism financing (AML/CFT).

The Star first bought the Sheraton Grand Mirage in 2017 for around AU$140 million ($91.15 million) in a joint venture with partners Chow Tai Fook and Far East Consortium, who are listed on the Hong Kong Stock Exchange.

Original story by: Asia Gaming Brief