Star Entertainment offloads Brisbane's Queen's Wharf precinct in $53m deal
In an announcement made just before 11am on Tuesday, Star said the new deal was almost identical to the one made in March.
It will see the ASX-listed casino sell its 50 per cent stake in the Queen's Wharf precinct to Hong Kong Consortium Chow Tai Fook and Far East Consortium, who each already own 25 per cent of the building.
Star will receive $53m in total through the deal, of which the first $45m was paid back in March and the remaining $8m to go through by November 30.
The deal will ease the burden on Star, which was facing having to cough up its share of the $1.4bn in debt tied to the Queen's Wharf precinct.
Star Entertainment will also take two-thirds of the Dorsett and Andaz hotels, which are currently being built on the Gold Coast by the Hong Kong consortium.
Shares in Star jumped 29 per cent to $0.115 on Tuesday following the announcement.
The statement said the deal had been approved by US-based owners Bally's Corp.
'The key aspects of the transaction are materially consistent with the Heads of Agreement announced to the ASX on (March 7),' the statement said.
Star first struck a deal to sell the complex back in March, before it was revealed the deal was unlikely to be completed by July.
Talks stalled and Star was forced to pay its business partners $10m as part of a termination agreement, and a further $31m before September 5.
Tuesday's announcement said the transaction would be completed in two separate stages.
Firstly, Star will completely exit from the Brisbane precinct. The Gold Coast assets are subject to separate conditions that are due to be completed by the second half of 2026.
The deal will significantly improve the embattled Star Entertainment's financial position, with the latest financial results showing it will get more than $700m in liabilities and $350m in development costs off its books through the sale.
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