The Varsity Lakes Tavern in Sydney has recently sold for a generous $16 million. The new owner of the property is the Ganim family, who will be earning an additional $1.3 million annually from rent costs.
Owning a number of Woolworths pokies, Varisty Lakes Tavern is a popular destination for patrons with a penchant for electronic gaming. Last year, Woolworth’s pokies generated more than $1 billion for the ALH, so the Ganim family will now be reaping some of those generous benefits. The venue also hosts TAB facilities and regular poker games and tournaments. It seems to be a great alternative to local casinos.
The Varsity Lakes Tavern is also home to a number of other properties, including a Fitness First gym and a retail outlet. It is an extensive complex, providing a number of entertainment opportunities to local residents and tourists.
The Ganim family have not announced any potential changes to the property. It is already very successful, so it is likely that very little will change now that the Varsity Lakes Tavern is under new ownership.