TABCORP Holdings is splashing out $175 million to refurbish the Gold Coast’s Jupiters Casino as part of the gaming and wagering giant’s plan to spin off its casino assets into a separate company.

The proposal announced today will fast-track the company’s Gold Coast investment plans with work set to start on a new-look Jupiters by the middle of next year.

The plan will create six new restaurants, two new bars, an `international night life venue’ and a new private room for high rollers.

Refurbishments also are planned for the resort pool and gym area and the creation of a `beach club’ and new spa facilities.

“The investments at Jupiters on the Gold Coast will significantly improve the customer offer and competitiveness of the property and improve the overall attractiveness of the Gold Coast region,” said Tabcorp chief executive Elmer Funke Kupper.

“It will turn Jupiters into a world-class resort destination in one of the most attractive regions in Australia.”

The Melbourne-based Tabcorp, which also owns Star City in Sydney, today announced plans to split its operations in two, creating a separate casino company and a gaming and wagering company, subject to shareholder approval.

The company said it was still in discussions with the State Government over previously flagged plans to expand its Gold Coast, Brisbane and Townsville casinos, including construction of new hotels at Jupiters and Treasury.