Multi-million dollar makeover for iconic Lasseters Hotel and Casino
Earlier this year, Singapore’s Lasseters International Holdings sold the casino to Sydney-based Iris Capital for $105 million
Iris Capital, Australia’s biggest privately-owned property and hospitality business, will invest at least $100 million in the renowned Lasseters Hotel and Casino’s renovation.
The consortium paid $105 million for the Alice Springs site, which was made famous in the 1994 film Priscilla, Queen of the Desert, with plans to build a new hotel, refurbish the conference center, and add residential living space.
Lasseters CEO Craig Jervis stated that the business wanted to raise room numbers by 200 to 405, allowing the facility to host many conferences at the same time.
Jervis said “It’s a phenomenal amount of money and fantastic for Central Australia and the tourism offering that we will have in 24 months’ time.”
Mr. Jervis said work on modernising the gaming room had begun.
“A lot more gaming offerings have arrived [on] day one, and it’s all newer technology. Everything will be enhanced from seating settings … to lighting to music, everything will change in there in the coming months.”
Iris Capital plans to refurbish the convention center, which will contain 320 gaming machines as well as a variety of eateries and bars. The casino, which was established in 1981 and is one of Alice Springs’ largest employers, is also set to get a residential component.
Lasseters International Holdings of Singapore sold the casino to Iris Capital.
The casino earned $46 million in revenue for the year ending June 30, up 12.3%, according to the company’s 2021 annual report, which was issued in October.
While Lasseters mentioned the difficulties of maintaining a “single asset in a distant area,” Iris Capital is no stranger to taking on and managing difficult hospitality ventures.
The company, which has a revenue of $500 million and employs 1200 people across Australia, is one of the country’s largest private owners and operators of pubs and hotels, with 17 Ibis hotels purchased for $180 million from AccorInvest last year.
The purchase and investment, according to Tourism Central Australia chief executive Danial Rochford, is a game-changer for the region.
Mr Rochford said, “It’s certainly a great shot in the arm for the sector that’s been struggling as a result of the pandemic,
What it does suggest is a lot of optimism about the future of tourism.”
“Both of those projects are going through the final stages of their major projects applications.
“What it does say is that the new owners have done their homework and they understand the future. It’s looking very bright for us,” he said.
Hugo Weaving, Guy Pearce, and Terence Stamp played in the famous movie Lasseters and Alice Springs, which drew a worldwide audience in the mid-1990s.
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