Asia tourism prospects shine bright for Australia’s Star

The Star Entertainment Group, formerly known as Echo Entertainment Group, is undergoing a group-wide renaissance, reshaping its brand identity and revamping its properties to take advantage of a forecast surge in Asian tourism. Its vision for The Star Sydney complex is a prime example, with a planned spend of about $1 billion ($701.4 million) to upgrade the property, including a $500 million luxury hotel tower, more shops, restaurants and amenities. The revamp is likely to give the company a jump-start when it comes to taking advantage of rising demand ahead of the arrival of James Packer’s six-star Barangaroo project in 2020. In a recent report, Morgan Stanley forecast a 15 percent compound average growth rate for Chinese tourism in Australia through to 2020, accelerating to 17 percent from 2020 to 2025. Chinese tourism spending is forecast to rise from AU$5 billion to AU$13 billion by 2020. The two Sydney developments are part...

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