Alice Springs’ iconic Lasseters Hotel Casino sold off to Sydney developer Iris Capital
Sydney-based development empire Iris Capital has purchased the iconic Lasseters Hotel Casino in Alice Springs after 25 years under its current ownership.
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Sydney-based development empire Iris Capital has purchased the iconic Lasseters Hotel Casino in Alice Springs after 25 years under its current ownership.
The Lasseters Hotel Casino formerly known as the Diamond Springs Casino opened in 1981.
Ford Dynasty Pty Ltd trading as Lasseters, was acquired the Malaysian-controlled company Quilter Assets Australia Pty Ltd in 1997.
The company was then listed on the Singapore Stock Exchange as Lasseters International Pty Ltd in 2004 to fund future development and acquire additional assets.
At the time of purchase, Lasseters featured a 75 room hotel, 188 gaming machines, 21 table games and limited dining facilities.
Lasseters hotel casino under the administration of the current owners has seen many changes, with over $50 million in renovations in the last eight years.
The property has a 4.5 star hotel with 205 rooms operating and a fully equipped commercial health club, a day spa, Alice Springs Convention Centre, international standard casino with 320 electronic gaming machines and multiple restaurants and bars.
New owners Iris Capital, who have a longstanding history in the hospitality sector throughout Australia, also snapped up 17 Ibis hotels from AccorInvest for $180m in 2020 in the biggest hotel deal of the year.
A spokeswoman from Lasseters said staff in Alice Springs have been notified of the sale and kept up to date throughout the process.
She said existing staff of Lasseters Hotel Casino will be protected by having a full transfer of all entitlements to the potential new owners.
Lasseters chief executive Datuk Paul Wong said it had been a “pleasure” having the Alice Springs property on their portfolio.
“Lasseters greatest asset is the dedication and commitment of the staff, some of whom have been with the company in excess of 20 years,” he said.
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“On behalf of the board, we wish [them] the very best in this next chapter and express our most sincere gratitude to each and every Lasseters employee who has been a part of this most remarkable journey.”
Real Estate Institute of the Northern Territory chief executive Quentin Kilian, who recently called for more luxury venues across the Northern Territory to cater to the growing Asian market, welcomed the news.
“I’m sure they’ll put money into both the property and the rooms and the amenities and perhaps the casino itself,” Mr Kilian said.
“I just think that any big investors like this are going to start driving that blue sky thinking that we’re aiming for,” he said.
Originally published as Alice Springs’ iconic Lasseters Hotel Casino sold off to Sydney developer Iris Capital
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