Ford Dynasty, subsidy to Lasseters International Holdings Limited, has signed an agreement for the sale of Lasseters Hotel Casino in Alice Springs with Iris Capital, who have a strong foot hold in the hospitality sector in Australia. The Sale comes after a 24-year tenure of ownership.
Opening in 1981, Lasseters Hotel Casino formerly Diamond Springs Casino, is an integral part of the tourism industry in Central Australia.
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 8 years. The property now boasts a 4 ½ star hotel with 205 rooms (130 more rooms since the last sale of the property) operating under a franchise with internationally recognised InterContinental Hotel Group (“IHG”), 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.
Iris Capital have a longstanding history in the hospitality sector throughout Australia and will bring a level of experience in the industry that is vital to ensure the longevity and success of the business.
Lasseters staff have been notified of the sale and kept up to date throughout the process and 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 Officer, Datuk Paul Wong J.P., noted
“It has been a pleasure having such a unique and diverse property on our 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 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.”