Casino giant rolls the dice on mega precinct sale deal
The group on Tuesday announced it had signed a binding long-form agreement with Hong Kong partners Chow Tai Fook Enterprises and Far East Consortium Limited to sell its share of Queen's Wharf in Brisbane.
The partners will take over Star's 50 per cent share after previously holding 25 per cent shares.
"The transaction involves The Star disposing of its interest in DBC (the owner of Queen's Wharf), consolidating its position at the Gold Coast and transferring other Brisbane assets and interests held by The Star to the joint venture partners," Star's ASX announcement said.
The deal has been approved by US group Bally's Corp which had previously offered $300 million to save the group from appointing administrators.
It will be completed in two stages with the exit from Queen's Wharf first and a sunset date of November 30.
Remaining assets included in the transaction, such as the Treasury Hotel in Brisbane, are subject to a separate set of conditions to be finalised in the second half of 2026.
Plans to sell its 50 per cent interest in the Queen's Wharf had been ongoing since March for the embattled casino operator.
As recently as August 1, the Hong Kong partners rejected a $53 million sale as the parties were unable to reach a final agreement on a number of commercial issues.
Star had $234 million in available cash as of June 30, but in the June quarter it burnt through nearly $25 million a month in operations.
The mega $2.6 billion riverfront Queen's Wharf precinct staggered its opening since the Star Grand Hotel began operating in August 2024.
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