ASX-listed brewer Good Drinks Australia has announced that as part of its transformation of Joe’s Waterhole into Matso’s Sunshine Coast, the company has sold its gaming licences realising $4.9 million for the redevelopment.
Good Drinks announced the $5.3 million acquisition of the Sunshine Coast venue in 2021, only receiving approval for its redevelopment plans in April this year.
The redevelopment costing $5.5 million is expected to open in October this year.
Good Drinks Chief Strategy Officer Aaron Heary told Brews News that the machines weren’t necessary for the experience the company wanted to create.
“What we’re creating there is a brand experience for Matso’s,” he explained.
“And it’s like inviting you into the home of Matso’s, which is in Broome and the Broome venue doesn’t have gaming, so we don’t feel that it’s essential to the Matso’s brand to have it.
The value of the 15 gaming licenses compared to the overall venue sale price highlights how much gaming underpins the value of Queensland hotels as opposed to traditional hospitality.