The hospitality giant, Hard Rock, has its eyes set on a new investment opportunity. In fact, the success they had in Atlantic City certainly inspired the company to spread its wings. And this time around, Hard Rock is looking to expand the business to the Gold Coast of Australia.
Although, Kate Jones (The Minister of Tourism of Queensland) confirm that Queensland has no plans to add slot machines to the region. She still supports the interests of overseas operators. Without a doubt, Queensland is a popular holiday destination! In fact, tourism generates around $25 billion a year. Not to mention that the hospitality sector employs over 100,000 people. So, it’s no wonder why Hard Rock is thinking of expanding down under!
A great thing about Queensland is that hotels such as the Hard Rock can apply for a gaming machine license. And once they have the license, they can purchase slots at auction. Indeed, the mayor of the Gold Coast confirmed that. “There is no prohibition for a person operating on a casino or a general license to get gaming machines at an auction.”
How does it work in Australia
In Australia, things work differently than in Atlantic City! In fact, the licensing authority regulates the number of slot machines on the territory. What’s more is that each slot comes with its so-called “operating authority.” And operators who hold a gambling license can attend authorized auction by the Public Trustee of Queensland to buy slots. With their respective license, of course. But know that the number of gaming machines in Queensland can’t exceed the set maximum number by the region.
Bargain up for grabs!
It sure seems that if Hard Rock chose to venture to Australia, they’d get a good deal! Indeed, if we look at the record on Queensland’s government site, we can see a decline in the selling price of slot machines. In fact, since 2015 the average sale prices have dropped by 50% from $101,444 to $50,903 today! So it seems that Hard Rock is also aware of the bargain prices and they want to make the most of it!