After taking over as owner of the Lasseters Hotel Casino this month, Iris Capital has announced plans to upgrade the facility. The hospitality and development group based in Australia will spend over AU$100m ($75 million) to make changes to the Alice Springs facility.
Previously, the Lasseters Hotel & Casino was owned by Lasseters International Holdings. Based in Singapore, the company announced back in the spring that it had signed a deal with Iris Capita to sell the property. It was not until October that the sale was finalized as Iris Capital was able to secure approval from regulators to operate the casino.
According to reporting by Inside Asia Gaming, Iris Capital CEO Sam Arnaout commented that the company is planning to double its investment within the facility, upgrading the infrastructure of the property and adding a new hotel facility.
In a statement to the public, Arnaout commented that the company is talking with the Northern Territory Government on how it can recapitalize the asset. Plans for the property in Australia include adding the new hotel and repositioning the casino floor. The new owner also wants to bring in more food and beverage options for guests.
Capitalize on Domestic Tourism
The investment into the Lasseters Casino is one that has a focus on domestic tourism. Iris Capital feels that there is a pent-up demand for new destinations. They also want to focus on international travelers to the property.
With the upgrade, the casino will cater to locals as well as international travelers on a grander scale. According to Arnaout, the design of the upgrade was created to fully capitalize on the overall potential of the property.
The CEO said that with the company is taking a ‘first-mover position’ with the large investment and believe that it will be a catalyst for additional investment in the region in the future. The company plans to make sure the hotel and casino property will be ready to go with the vision of tourism set by the government.
Iris Capital feels their plan is a ‘shot in the arm’ that will push local stakeholders and other investors to work hard for the region as well. International flights already land in Alice Springs, so there is potential for the casino to bring in tourists from out of the country, and appeal to the vast world market.
We shall see in the coming weeks how the investment funds are used and what the casino property will offer once the upgrades are completed.