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Bill Gravanis, the new owner of Luna Park Sydney through his family-run hospitality company Oscars Group, has secured $37.4 million to fund redevelopment at the heritage amusement park.

The funds were raised through the sale of The Village shopping mall in the NSW city of Orange.

As reported by the Sydney Morning Herald, the shopping centre was co-sold by architect Paul Saunders, who had partnered with Oscars Group to acquire the asset for $22 million in April 2019.

Oscars Group, one of the largest privately-owned hospitality groups in NSW, acquired 90-year old Luna Park Sydney in December.

At the time of the acquisition of the harbourside landmark, Gravanis stated "we are excited to be acquiring Luna Park and look forward to working with the team.

“It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business.

“Our goal is to further establish Luna Park as a Top 5 tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.”

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