The Star Entertainment, an Australian casino operator, has reached an agreement to sell the Sheraton Grand Mirage Resort Gold Coast for AU$192 million ($128 million). The sale price is close to the original asking price of AU$200 million ($133 million). The announcement of the deal was made through a filing on Monday.

The purchaser of the resort will be the Karedis and Laundy families, and the agreement will be signed by Australian Wattle Development, a company controlled by The Star Entertainment. However, the transfer of the liquor license from the Queensland Office of Liquor and Gaming Regulation needs to be approved by the buyer.

The Sheraton Grand Mirage Resort Gold Coast was originally acquired for AU$140 million ($93 million) in January 2017 by Australian Wattle Development, which includes partners such as Hong Kong's Chow Tai Fook and Far East Consortium.

The Star Entertainment initially showed indications of divestment in February when it revealed potential losses of up to $1.11 billion due to legal cases related to anti-money laundering violations and potential changes in the New South Wales tax regulations.

In recent news, the company announced that the agreement to sell the buildings comprising its Treasury Casino and Hotel property in Brisbane to integrated property group Charter Hall has fallen through.

However, the planned increase in casino taxation rates by the New South Wales government has been postponed.

Additionally, the opening date of Queen's Wharf Brisbane has been delayed by four months, with the new expected opening now set for April 2024.

The Star Entertainment holds a 50 percent stake in the property, with Far East Consortium and Chow Tai Fook, both listed on the Hong Kong Stock Exchange, each controlling a 25 percent share.

Based on its most recent financial reports, The Star reported a loss of $861 million in the first half of 2023.