![]() ![]() The Laundy and Karedis families were estimated at AU$1.5 billion and AU$972 million, respectively, in the AFR 2023 “Rich List”. The Laundy family, on the other hand, runs a hotel chain and many pubs across the country. Currently, it owns the Arkadia property group that makes investments in hotels and shopping malls. The Karedis family is known for making most of its fortunes via liquor stores across the country. The property was put on the market by the Australian gambling giant in March 2023, and the group confirmed a sale agreement in June.Īccording to an official filing issued by the casino resort company, the new owners of the Sheraton Grand Mirage are entities owned by the Karedis and Laundy families. Furthermore, some of the proceeds are set to cover the higher casino duties owed by the operator in the state of New South Wales (NSW). ![]() The money generated as a result of the sale is expected to be used by the company to pay off the outstanding regulatory fines it is facing over a number of anti-money laundering and counter-terrorism financing failures. Star Entertainment Group has shared that it is looking to make at least AU$60 million in net proceeds from the sale. The agreed sale price was lower than the AU$200 million that the company was originally seeking. As revealed by the company, the agreement was estimated at a total of AU$192 million. The beginning of the week saw the Star Entertainment Group confirm that it had finally reached a deal for the sale of its Sheraton Grand Mirage Resort Gold Coast. ![]()
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