By Clyde Mooney – editor Australian Hotelier
A prominent NSW pub group has reluctantly put one of its gaming goldmines on the market as it heads into bigger Queensland venues.
Pelathon Management Group operates eleven venues, mostly in NSW, and has listed St Marys’ Lucky Australian Hotel to unlock capital to fund further acquisitions.
Speaking to TheShout, managing director Jaz Mooney revealed the group had recently purchased a large new venue on the Gold Coast.
“The Lucky is a great venue, in terms of gaming potential and food and beverage,” said Mooney.
“It’s kind of sad we have had to let this one go to help us get into the bigger hotel.”
Mooney would not reveal further detail yet about the new acquisition, but hinted there will be more to come.
JLL’s manager – pub investment, Sam Handy, is taking the property to market, and suggests the Lucky’s gaming potential is such that it is “widely considered a future Top 200” gaming pub.
“The Lucky Australian has skyrocketed up the State gaming rankings in the past 18 months, moving up over 250 places.”
“It is situated within one of Sydney’s best gaming LGAs, and its direct competitors* have all shown consistent gaming growth.”
The hotel is located within 200m of St Marys train station and boasts 20 EGMs, plus approval for an additional six machines.
It recently enjoyed a million dollar renovation, and offers desirable operational benefits including extended trading hours.
JLL’s Sam Handy and John Musca will market the hotel, which is scheduled to go to auction Thursday, 18 September.
*Pub gaming venues in close proximity to the Lucky are respectively ranked 51, 114, 165 and 196 on the TOP 200 report.