Good Drinks Australia (GDA) has sold the 15 gaming licenses it acquired in the purchase of Joe’s Waterhole in November 2021, for $4.9m and will use the cash to fund the redevelopment of the venue into Matso’s Sunshine Coast.
The transformation of Joe’s Waterhole into Matso’s Sunshine Coast is progressing with the development approved and construction underway. GDA said the new venue will provide “a home and an authentic consumer experience” for the Matso’s brand in Queensland.
Speaking about the gaming license sale, Lee Behan, GDA’s Head of Hospitality told The Shout: “Good Drinks made the decision to sell the gaming licenses and release the capital into the business, which effectively funds the development. That’s a fantastic result, and with work already underway, we’re really excited to open Matso’s Sunshine Coast in late 2023.”
GDA is targeting October 2023 as an opening date for Matso’s Sunshine Coast and Behan said that with the new venue, GDA is trying to show people what Matso’s is all about.
“When we create a venue, we think about it as if you’re inviting someone into your home,” he said. “Everything gives them an insight into who you are, whether it’s the furniture, the art on the walls, or the music you play. It shows people what you’re about and we didn’t feel that gaming was part of that Matso’s experience.
“We want people to come to Matso’s Sunshine Coast and have the authentic Matso’s experience. Matso’s was born out of Broome more than 20 years ago, and over that time has built a really strong shared history with its fans.
“Matso’s Sunshine Coast is another opportunity to grow that, and we want people to pay us a visit, have a great time and then support Matso’s when they’re next having a drink at another venue, or when picking up a six-pack from their local bottle shop.”
GDA has also provided a trading update for the third quarter and remainder of FY23, saying that while sales are outperforming the overall beer market, competitive pricing, higher COGS and ongoing investment in sales and marketing expenditure are impacting FY23 earnings.
Looking ahead GDA said it is aiming for earning of its proprietary brands business to be stronger in FY24 and that with strong hospitality and partner brand growth it expects FY24 to be “closely aligned” with longer-term financial targets.