Star set to offload Sheraton Mirage for $200 million
Star Entertainment Group will sell off its Sheraton Grand Mirage on the Gold Coast with an expectation of earning $200 million, which would deliver a $60 million profit to owners.
The Sheraton Mirage on the Gold Coast
The decision follows the hefty fines and legal cases facing the company following revelations of money laundering at its Sydney, Gold Coast and Brisbane casinos.
Both NSW and Queensland governments have hit the company with $100 million fines.
The company has gone to the market with expressions of interest for the five star site which was expected to close in April 21.
Star has a 50 per cent stake in the resort with the other half owned by Far East Consortium, a Hong Kong based company which is also a investor in the Queens Wharf casino and resort project in Brisbane.
Colliers International, JLL and McVay Realty were appointed agents.
The resort has 295 rooms and suites and covers a land area of 3.45 ha.
