There were originally three competing hotels, but that detracted from the viability of the enterprise, and the company (and indirectly the government) incurred massive operating losses. Between 1990 and 1992, the competing hotel operators were replaced by a single operator, the government-owned Investnorth Management Pty Ltd. In 1992, the government sold, through open tender, a 40% interest in the Yulara Development Company and, therefore, the resort, to a venture capital consortium.