Big screen for Spit

SEP 2010

AN ambitious theatre development proposal that is estimated to produce $350 million a year in tourist spend is a step closer after a ‘positive’ meeting between its developers and State Government.

The proposed $195 million Pacific Theatre Complex at the Spit is the brainchild of West End Theatre Management general manager Leonard Lee.

According to Lee, an offshore financier will commit $200 million of funding for the project, but says he can’t secure the funds until approvals are obtained by council for the land.

“At this stage we can’t disclose who the financier is, but it is an organisation that is very well known to the government,” he says.

“The outcome of the meeting was very positive. But if the government doesn’t take up the offer for the funding to make this happen, they must have rocks in their heads.

“We’ve had the figure ($350M) looked over by our lawyers, accountants and Gold Coast Tourism.”

Subscribe Now!
Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Zip co-founder Larry Diamond heading back to Australia after new US CEO takes the helm

Zip co-founder Larry Diamond heading back to Australia after new US CEO takes the helm

Zip Co (ASX: ZIP) co-founder and US chief executive officer Larry D...

Telstra to disconnect 2,800 jobs in a bid to cut costs by $350m

Telstra to disconnect 2,800 jobs in a bid to cut costs by $350m

Australia's largest telecommunications company Telstra (ASX: TL...

US giant Hard Rock flatly denies it is planning a takeover play for The Star

US giant Hard Rock flatly denies it is planning a takeover play for The Star

Hard Rock International has firmly hosed down rumours that it is pa...

MediSecure data breach: why is health data so lucrative for hackers?

MediSecure data breach: why is health data so lucrative for hackers?

The latest large-scale ransomware attack on a health technology pro...