Penrith Panthers aims to become hospitality powerhouse
To cement themselves as an NRL powerhouse, the Penrith Panthers are building a $400 million empire, known as ‘Panthers city’ or the ‘Precinct’ that will include Penrith’s first five-star hotel, a state-of-the-art conference centre, an aged care facility, a sprawling leagues club and the NRL side’s centre of excellence.
The site stretches over 60 hectares along Mulgoa and Jamison Road in Penrith.
The Panthers are currently working with a developer to build 860 apartments, which will build up its coffers as each apartment built, they will receive $20,000.
It also intends to lease land to fast food restaurants and build tourist attractions featuring an aqua golf business and a wakeboarding and aqua park.
“The aim when I started back in 2016 was to build a city around the club, if we could do that it would future proof the business,” Panthers Group CEO Brian Fletcher said.
“We’re building 860 apartments with the idea that you get a couple of thousand people right at our front door.
“The population is increasing steadily. There are a lot of new hotels, breweries. It’s a really go-ahead sort of city.
“With the new airport opening in 2026 that’s only going to create even more opportunities for the Panthers and the area.”
The Panthers recently spent 121 million to build the 153-room Pullman, Penrith’s first luxury hotel, and the 1000-seat Western Sydney Conference Centre.
The hotel and conference centre are expected to add $10 million a year by 2027.
Fletcher is aiming much higher than that though.
Aqua golf is turning over serious dollar..
“It’s a marvellous business, we make around $1.2 million a year out of that,” Fletcher told The Australian.
“When I first started I would walk past the aqua golf. I was multiplying the bays in my head and I thought ‘we should be getting around $1-2 million per year depending on the lease agreement’, but it had expired. Now we own the lease and make a great return on it.”
It has been a remarkable turnaround for the group.
The football club lost $50 million between 2011 and 2019 on the back of poor on-field performance.
The club is now aiming to be a permanent fixture in the top four and spend $300 million on refurbishment of BluetBet Stadium to attract a larger amount of fans.
The expansion of assets means the Panthers could be less reliant on gambling revenue.
Gaming revenue for 2023 will be around 10 per cent lower than last year’s $65 million.
“We’re only 40 per cent reliant on gaming at the moment, and we are hoping to be even less reliant in the coming years,” Fletcher said.
Penrith operates licensed clubs in Port Macquarie, Bathurst, North Richmond and Glenbrook.
The Group is “looking to expand precincts” in Port Macquarie and in Bathurst with a new hotel.
Jonathan Jackson, 29th November 2023
