Star Entertainment has agreed to sell its 50% stake in Brisbane’s Queen’s Wharf hotel and casino complex to its Hong Kong-based partners. The deal follows months of tense negotiations and comes after talks broke down earlier this month over key deal terms.
The precinct has been a costly challenge for Star. The company paid Chow Tai Fook Enterprises and Far East Consortium $10 million under a terminated agreement and was due to pay another $31 million before September 5.
New Agreement Gains Key Approvals
In a statement to the ASX on Tuesday, Star confirmed the deal has full consent from Bally’s Corporation and the billionaire Mathieson family. Both are separately seeking to take control of the company, pending probity checks. The agreement is binding and now awaits regulatory and Queensland government approval.
Far East executive director Wendy Chiu described the sale as a major milestone for the entertainment, hotel, and casino project.
