The hotel and casino is owned by Robert and Victor Zagame, the sons of family patriarch Victor Zagame, who passed away late last year after building the family’s hospitality business from its start in Northcote’s Albion Charles Hotel in 1971.
The Zagames previously offered the Grand Hotel & Casino resort for sale in April last year.
At the time, expectations for the eight-level hotel that overlooks the Port Vila Harbour and has views towards Iririki Island were about $25 million.
The Vanuatu resort has 15 gaming tables, 136 slot machines, a VIP top-floor gaming room, a restaurant, conference rooms, four bars, a pool and spa.
The venue’s proven business model has grown successfully over the past 50 years, Victor Zagame jnr said in a Sydney Morning Herald report.
“Our venues are exceptionally well presented, our staff are leaders in the industry, and our product is second to none. These successful businesses are well placed to continue to deliver substantial growth,” Mr Zagame said.