- Chris Morris Townsville Casino Hotel
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The owner of Townsville's ‘The Ville-Resort-Casino', Chris Morris, has reportedly purchased the landmark development site opposite from his own resort in what will likely be a $10 million deal. It is believed that the 2.9ha site, will be used to develop more accommodation for the resort, to provide land to stage big outdoor events. Computershare founder Chris Morris has sold nearly 11m worth of shares in his software and services company to shore up his privately owned hospitality portfolio, which includes pubs, a casino. As part of a USD 35M redevelopment, demolition work at The Ville Resort Casino, which until September 2015 was known as Jupiters Townsville Hotel & Casino, owned by Chris Morris, founder, and chairman of Computershare, is slated to begin next week. And The ‘Pie poses a question for Chris Morris of The ‘Ville hotel/casino: everybody is mystified – why are you spending tens of millions of dollars on a property which – in the present situation – will never return the investment? The Magpie has a theory. $35m Makeover Set To Begin At Chris Morris' Queensland Casino As part of a $35 million redevelopment, demolition work at The Ville Resort Casino, which until September 2015 was known as Jupiters Townsville Hotel & Casino, owned by Chris Morris, founder, and chairman o.
Tourism and hospitality tycoon Chris Morris affirms to have bought the 'worst-performing casino' in Australia, but after a $20 million makeover, the Townsville casino will be a gold mine that will fund his growing Queensland tourism empire.
Chris Morris, ranked #47 by Forbes in the Australia's 50 richest, is a self-made millionaire with a net worth of $590 million. In 1978, he founded a global share-registry company Computershare, one of the first and biggest technology success stories in Australia, which brought him his name and wealth and of which is he is currently a non-executive chairman. Even though he has never been a dazzling software developer and programmer, his vision and strong feeling for great business opportunities is what brought him to the place he is at right now. Currently, with his experience and his money, Morris can afford investing into Australian casinos although he has resisted installing pokies machines in his hotels and pubs on the grounds they are immoral. However, he does not have a problem with them in casinos, since people make a conscious decision to go to casinos and spend money on gambling nevertheless.
Morris's Colonial Leisure Group entered into an agreement to buy Echo Entertainment Group's Jupiters Townsville casino for $70 million in January. They sealed the deal last month after having received the probity clearance.
Echo Entertainment Group, one of Australia's largest publicly listed entertainment, said in January that Jupiters Townsville had limited expansion opportunities and divesting the casino would allow the company to focus on its other properties in Sydney, Brisbane and Gold Coast.
'With our fingers firmly on the pulse of pleasure, leisure and reinvention, Echo Entertainment Group is the catalyst for your entertainment. Echo Entertainment Group is like entertainment itself … forever evolving,' states the company. Therefore, it is only logical that they have been trying to sell Jupiters Townsville casino for two years, as its one and only income was from the gambling facilities and even expanding it would not bring any profit in the near future.
The Australian Financial Review had an interview with Chris Morris, in which he claimed that the property had great potential, but due to the lack of investment, was in a sad condition.
Mr. Morris said the waterside casino is the 'best spot in Townsville' but an outdated design has not made enough of the views out to the spectacular Magnetic Island. And although the place gets around 2,000 visitors a day, it has struggled to encourage spending outside of the 350 poker machines and 50 gaming tables, he said. Gambling was the only Jupiters' function, and the potential for the other activities and entertainment was not used to its fullest.
'The only reason people were going there was to gamble,' he said. 'The food and beverage offering … was very average.'
Chris Morris, will spend at least $20 million on the major renovation and refurbishment, and on entirely redesigning the venue. He is going to introduce multiple restaurants and bars into the facility, which is typical of his hotels in Perth and Melbourne. It is a long-term project and he does not expect to make a profit for the next four years. The Jupiters deal drives his investments in Queensland in the past three years over $100 million. Mr. Morris's vision is to create high-end packages for international tourists that wish to visit the Great Barrier Reef, the Daintree and the outback. Thus they could stay at his trio of exceptional venues. He targets rich tourists who can afford paying $1400 per night and it is definitely important to create an impeccable atmosphere to satisfy all their needs. Mr. Morris is taking his tourism business very seriously. For instance, he bought a fleet of helicopters to transport guests from Cairns to Orpheus Island.
Jupiters will play a crucial role in this plan to not only expand his whopping business but also to follow his dreams. 'Having the casino allows you the cash flow to do other things,' he said. And at the age of 66 he can afford it.
Despite the fact that the fight between Echo Entertainment and Crown Resorts to build a new casino in Brisbane and a proposed $8 billion mega gambling resort in Cairns are reinforced by the prospect of a boom in Chinese visitors, Mr. Morris believes his efforts in Townsville are aimed more at the locals, taking into consideration that there are limited direct flights to the regional centre.
Morris's Colonial Leisure Group entered into an agreement to buy Echo Entertainment Group's Jupiters Townsville casino for $70 million in January. They sealed the deal last month after having received the probity clearance.
Echo Entertainment Group, one of Australia's largest publicly listed entertainment, said in January that Jupiters Townsville had limited expansion opportunities and divesting the casino would allow the company to focus on its other properties in Sydney, Brisbane and Gold Coast.
'With our fingers firmly on the pulse of pleasure, leisure and reinvention, Echo Entertainment Group is the catalyst for your entertainment. Echo Entertainment Group is like entertainment itself … forever evolving,' states the company. Therefore, it is only logical that they have been trying to sell Jupiters Townsville casino for two years, as its one and only income was from the gambling facilities and even expanding it would not bring any profit in the near future.
The Australian Financial Review had an interview with Chris Morris, in which he claimed that the property had great potential, but due to the lack of investment, was in a sad condition.
Mr. Morris said the waterside casino is the 'best spot in Townsville' but an outdated design has not made enough of the views out to the spectacular Magnetic Island. And although the place gets around 2,000 visitors a day, it has struggled to encourage spending outside of the 350 poker machines and 50 gaming tables, he said. Gambling was the only Jupiters' function, and the potential for the other activities and entertainment was not used to its fullest.
'The only reason people were going there was to gamble,' he said. 'The food and beverage offering … was very average.'
Chris Morris, will spend at least $20 million on the major renovation and refurbishment, and on entirely redesigning the venue. He is going to introduce multiple restaurants and bars into the facility, which is typical of his hotels in Perth and Melbourne. It is a long-term project and he does not expect to make a profit for the next four years. The Jupiters deal drives his investments in Queensland in the past three years over $100 million. Mr. Morris's vision is to create high-end packages for international tourists that wish to visit the Great Barrier Reef, the Daintree and the outback. Thus they could stay at his trio of exceptional venues. He targets rich tourists who can afford paying $1400 per night and it is definitely important to create an impeccable atmosphere to satisfy all their needs. Mr. Morris is taking his tourism business very seriously. For instance, he bought a fleet of helicopters to transport guests from Cairns to Orpheus Island.
Jupiters will play a crucial role in this plan to not only expand his whopping business but also to follow his dreams. 'Having the casino allows you the cash flow to do other things,' he said. And at the age of 66 he can afford it.
Despite the fact that the fight between Echo Entertainment and Crown Resorts to build a new casino in Brisbane and a proposed $8 billion mega gambling resort in Cairns are reinforced by the prospect of a boom in Chinese visitors, Mr. Morris believes his efforts in Townsville are aimed more at the locals, taking into consideration that there are limited direct flights to the regional centre.
To make up for his lack of gaming business experience and to take advantage of Jupiter's 'huge potential', Mr. Morris has poached a casino guru Brad Morgan, who recently ran SkyCity Entertainment's Darwin casino.
He said that Jupiters Townsville had been the worst-performing casino in Australia for a while, but why invest into the best-performing business which would be impossible to change and improve?
Why rich lister Chris Morris bought the 'worst performing casino' in Australia, By Jessica Gardner
- 10th November 2014 Cedar restaurant casino rama.
Profiles
'Best spot in Townsville': Chris Morris will spend at least $20 million giving the Jupiters casino a face lift. Photo: Josh Robenstone
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Rich lister Chris Morris says he has bought the worst-performing casino in Australia, but after a $20 million facelift the Townsville casino will be a cash cow that will fund his expanding Queensland tourism empire.
The Computershare chairman's Colonial Leisure Group entered into an agreement to buy Echo Entertainment Group's Jupiters Townsville casino for $70 million in January. The deal was settled last month after probity clearance was received.
In an interview with The Australian Financial Review, Mr Morris said the property had great potential, but had suffered from a lack of investment.
'[Echo] had been trying to sell it for two years,' he said. 'The only money that had really been spent on it is the gambling facilities.'
Chris Morris Townsville Casino Hotel
Mr Morris said the waterfront casino is the 'best spot in Townsville' but a dated design has not made enough of the views out to Magnetic Island. And although the venue gets 2,000 visitors a day, it has struggled to encourage spending outside of the 350 poker machines and 50 gaming tables, he said.
'The only reason people were going there was to gamble,' he said. 'The food and beverage offering .. was very average.'
The 66 year old does not expect to take a profit for the next four years. He will spend a minimum of $20 million to overhaul the design and put in new restaurants and bars, 'which is what we specialise in our hotels in Perth and Melbourne'.
Mr Morris, who BRW estimates has a fortune of $700 million, made his name and wealth in technology, co-founding share registry business Computershare, but his passion these days is tourism. Colonial Leisure Group owns 15 businesses, including a number of pubs, a Margaret River brewery and the Daintree Eco Lodge in north Queensland.
The Jupiters deal pushes his investments in Queensland in the past three years over $100 million. He also owns a Queensland helicopter charter company, Orpheus Island and recently bought an outback cattle station Mt Mulligan.
Mr Morris says his dream is to create packages for international tourists that take in the Great Barrier Reef, the Daintree and the outback, allowing them to stay at his trio of unique properties. Jupiters will play a crucial role in this plan.
'Having the casino allows you the cash flow to do other things,' he said.
The fight between Echo and Crown Resorts to build a new casino in Brisbane and a proposed $8 billion mega gambling resort in Cairns are underpinned by the prospect of a boom in Chinese visitors. But Mr Morris said his efforts in Townsville are aimed more at the locals, given there are few direct flights to the regional centre.
Mr Morris also said he is against the installation of pokies in pubs but he does not have a problem with them in casinos. 'People make a conscious decision to go to casinos,' he said.
To make up for his lack of gaming business experience and to take advantage of Jupiter's 'huge potential', Mr Morris has poached Brad Morgan, who recently ran SkyCity Entertainment's Darwin casino.
Chris Morris Townsville Casino Entertainment
'[Jupiters Townsville] is the worst-performing casino in Australia by a long way,' he said. 'But you don't want to buy the best-performing business because it's hard to improve.'
Chris Morris Townsville Casino Players Club
In January, Echo said Jupiters Townsville had limited expansion opportunities and offloading the casino would allow the company to focus on its Sydney, Brisbane and Gold Coast properties.
Chris Morris Townsville Casino Buffet
