Opportunity arises to buy into Victoria’s tightly-held gaming market

Images by CBRE

Geelong’s best-performing gaming and entertainment venue, The Sphinx Hotel, has been listed for sale after 50-plus years of operations by the Ramia Family.

Located at 2 Thompson Rd, the hotel is positioned on a 15,000sqm freehold land parcel and has 16 well-appointed accommodation rooms of various configurations, with approvals in place to develop a further 24 rooms.

The hotel also comprises a suite of 67 electronic gambling machines, multiple bar areas and function rooms, an outdoor beer garden, a TAB and a recently renovated sports bar.

The sale includes a dual-lane Thirsty Camel branded drive-through bottle shop and a licence capacity for 1,010 patrons.

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CBRE Hotels’ Senior Director Scott Callow has been appointed to manage the sale via an Expressions of Interest campaign closing April 11th, 2024.

The hotel is available as either a new long-term lease or a freehold going concern. The incoming operator’s tenure in the asset will be secured with a new long-term 20-year lease with two 20-year options.

The rental will be set at market, ensuring the rental amount is in line with the asset’s financial performance.

“Geelong’s Sphinx Hotel presents a compelling investment opportunity in the thriving gaming and entertainment industry. We anticipate strong interest from a range of investment segments seeking to gain a significant foothold in Victoria’s tightly held gaming market,” Mr Callow said.

Tags: gaming market, Geelong, Victoria


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