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Australian Developers Bet on Pubs

18 May 2004

NEW SOUTH WALES, Australia – As reported by the Sydney Morning Herald: "The charge into the local pub market to take advantage of poker machine profits has led to a flurry of buying activity with the latest deals totalling $8 million (SU$5.49 million).

"A Surry Hills-based property developer and investor, Matthew Lepouris, has entered the NSW hotel industry, buying two pubs.

"His family company has acquired the Captain Cook Hotel on Anzac Parade at Moore Park and a nearby landmark pub, the Flinders Hotel on Flinders Street, for $4 million each.

"…Each of the hotels has 15 poker machines and substantial backpacker accommodation…"

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