New Theatre Slated For Pyrmont After Struggling Star Casino Sells Events Complex
Image: Photo: Foundation Theatres / Linked In.
Pyrmont is set to host a voluminous new theatre, after the struggling operator of the Star Casino agreed to sell its events complex – a move which should prove a cultural boon for the city.
Foundation Theatres — the company of theatre entrepreneur Stephen Found — which operates the Capitol Theatre and the Sydney Lyric, announced the agreement with Star Entertainment on Wednesday.
“We are pleased to share that Foundation Theatres has signed an agreement to purchase three new venues within The Star Sydney,” the theatre owner and operator announced.
“The Event Centre and additional spaces will be converted into three exciting new Sydney venues to host theatre, live entertainment and contemporary music in Sydney.”
“The Event Centre will continue to operate as usual whilst planning continues for its redevelopment into a 1550 seat Broadway style theatre. Planning has also commenced for a contemporary music venue for up to 1000 and a flexible venue for theatre, cabaret, comedy and concerts for up to 550.”
New theatre a “classic win-win” for Sydney
The Broadway-esque theatre hall and the separate 1000-seat space would be situated next to the Sydney Lyric, which is also located in The Star complex and is operated under a sublease agreement with Star Entertainment acquired in 2011.
The company was optimistic about the impact the new development will have on Sydney’s arts scene. “We can’t wait to see what opportunities these venues bring to the performing arts industry in Sydney,” it said.
Paul Nicolaou, executive director of business advocacy group Business Sydney, hailed the announcement as “a classic win-win for our wonderful city.”
These facilities will be joined by the Foundry Theatre, a “unique, intimate theatre” located behind the Sydney Lyric which opens on 11 February.
Foundation Theatres describes that theatre as a cosier and more adaptable than other halls.
“Presenting a wide variety of premium entertainment, patrons are transported on a theatrical journey to an intimate space where anything is possible. With the production close enough to touch, performers and audience intertwine in a theatre where no two visits will be the same.”
The new performing arts spaces are hoped to revitalise Sydney’s performing arts sector, with the city struggling from a lack of suitable venues for its size, relative to Melbourne and Adelaide.
Theatre entrepreneur Stephen Found
In just a few years, Stephen Found will go from operating two venues to six, cementing his place as a performing arts mogul.
He first acquired the Capitol Theatre in 2009, with the Sydney Lyric coming two years later.
In September 2024, he was re-appointed to the Music Australia Council for a four-year term by arts minister Tony Burke.
“With a passionate interest in the arts, Mr Found is constantly looking for ways to support the vibrant live performance industry in Australia,” the ministry said at the time.
Theatre fans also hope for reopening of Metro Minerva Theatre
On the other side of the city centre, Sydney’s one-time social hub Kings Cross may benefit from last year’s purchase of the art deco Metro Minerva Theatre, with theatre fans hoping the venue will be reopened.
Should that happen in addition to the slated emergence of a new performing arts precinct in Pyrmont, it would represent a complete reversal of the fortunes of the city’s performing arts industry.
Star Casino continues to struggle
Meanwhile, the fortunes of the embattled Star Casino and its operator are still shaky. Star Entainment hopes the cash injection from the sale of its events centre will help it remain solvent, but more sales are on the table according to Star Entertainment chief executive and managing director Steve McCann.
“We continue to work on a number of other potential non-core asset transactions,” McCann said.
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