Star Entertainment wins back lifeline casino deal to offload Queen's Wharf

5 days ago

Your web browser is no longer supported. To improve your experience update it here Star Entertainment has salvaged a lifeline deal to offload its stake in the Brisbane Queen's Wharf development to overseas partners, less than two weeks after a breakdown in talks . The embattled casino giant confirmed it had struck a binding agreement with its Hong Kong-based joint venture partners Chow Tai Fook Enterprises and Far East Consortium. The deal, which was almost identical to an earlier agreement in March, will result in Star selling its 50 per cent share of the Queen's Wharf development in exchange for $53 million. Generic Star Entertainment Group exterior. (AFR/Louie Douvis) Star will also transfer the partners the Brisbane Treasury Hotel and a CBD carpark, while securing full ownership of the Gold Coast precinct. The deal has been approved by US casino giant Bally's Corporation, which offered Star a $300 million rescue package to stave off administration. The Queen's Wharf transaction will take place on November 30. The Gold Coast and other Brisbane assets will be subject to a separate set of conditions expected to be met as early as July 1, 2026. Trading on the ASX has been temporarily paused in the meantime. The Star Casino at Darling Harbour, Sydney, Monday 19th of February 2024. (Dion Georgopoulos/AFR) Today's announcement comes after the three parties failed to reach an agreement on August 1, which left shares to plummet to 9 cents. Star was left liable for its $1.4 billion debt and was poised to pay back the partners $41 million. At the time, Star had tried to extend negotiations to August 6 but was rejected by the partners. Star runs casinos in Brisbane, the Gold Coast and Sydney and but has struggled to stay afloat in the past year The troubled operator is awaiting a court decision over alleged breaches of anti-money-laundering laws, and could owe hundreds of millions of dollars. business
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Robbie Williams invests in Heaps Normal, riding no-alcohol wave

AU Financial Review

7 minutes ago

AU Financial Review

Robbie Williams invests in Heaps Normal, riding no-alcohol wave

British singer Robbie Williams enjoyed his can of Heaps Normal so much while on tour in Australia, he bought a stake in the no-alcohol beer company. Williams, who has not drunk alcohol in more than 20 years, is part of a growing trend of more health-conscious consumers favouring no-alcohol brands. It's a trend that is driving strong sales growth at the Sydney-based company, which has stepped up ambitious plans to expand overseas.

Stock Tips: Which picks are as ‘safe as houses' this week? Maybe… houses?

News.com.au

6 hours ago

News.com.au

Stock Tips: Which picks are as ‘safe as houses' this week? Maybe… houses?

It's no easy gig analysing share prices and company performance but somebody's got to do it. Every week two experts from our Share Tips columnist pool give us their recommendations. David Thang – Sequoia Financial Group BUY REA Group (ASX:REA) A dominant player in the real estate listings and services space, with a solid balance sheet. The positive outlook in the property sector is supported by additional interest rate cuts and strong employment, hence increasing listing activity. Evolution Mining (ASX:EVN) The gold and copper producer is expected to benefit from high profit margins in both commodities over the medium term. Financial gearing has reduced, and double-digit earnings growth appears here to stay. HOLD A technology company that provides a platform for location-based services and family safety continues to increase subscriber growth and retention, underpinned by strong international expansion. Car Group (CAR) The global digital marketplace provider of online vehicle sales delivered excellent financial year 2025 results. Net profit is on the rise along with its dividend yield. SELL Bapcor (ASX:BAP) Given profit is on the decline, a weakening sales outlook and board changes, we prefer others. Boss Energy (ASX:BOE) The Australian uranium exploration and mining company announced the resignation of its CEO and disappointing production guidance. Sean Conlan – Leyland Private Asset Management BUY WiseTech Global (ASX:WTC) We forecast FY25 core NPATA of $236 million, up +29% yoy and broadly in line with consensus, which assumes revenue growth of +16% yoy. Bhagwan Marine (ASX:BWN) A leading marine solutions provider to the oil and gas, port, civil and defence industries, growing market share in expanding markets. HOLD Woodside Energy Group (ASX:WDS) Our lacklustre oil and weakening spot LNG outlook (in 2027/28) makes it difficult to become more positive here, particularly given recent strength in WDS shares. Evolution Energy Minerals (ASX:EV1) EVN offers effectively unhedged gold and copper exposure via a portfolio of high quality, long-life, low-cost assets in Tier 1 jurisdictions. SELL Beach Energy (ASX:BPT) We are surprised the market hasn't reacted more negatively following FY25 results and reserves report. FY26 guidance points to a weaker outlook. The FY25 result has caused us to become incrementally more cautious on the outlook for both China and the US, and downgrade to 'sell'.

Helicopter parent? Yep. Hypocrite? For sure. Why more and more of us are tracking our kids

Sydney Morning Herald

7 hours ago

Sydney Morning Herald

Helicopter parent? Yep. Hypocrite? For sure. Why more and more of us are tracking our kids

I slipped into the Apple Store furtively, not quite sure what I was doing was right. My child would soon be walking to school on her own, I said. And I wanted to track her. The shop assistant met my query with total approval. As though what I was seeking – to digitally surveille my own kid – was perfectly normal. So I bought the AirTag, which would nestle into her school backpack and assure me that she had arrived at school safely. Electronic stalking of children by their parents is increasingly common. And it's a controversial topic. Is it a valid and respectful way to ensure our children's safety? Or is it an invasion of privacy which is contributing to the anxiety epidemic among kids who have only ever known a world dominated by the smartphone? The phenomenon brings to mind comedian Tina Fey's quip about using Photoshop to digitally alter images: 'it is appalling and a tragic reflection on the moral decay of our society … unless I need it, in which case, everybody be cool'. Whether it's right or wrong, a bias towards surveillance is clearly the prevailing parental sentiment – this week the California-based family tracking app Life360 reported its half-yearly earnings, which showed record revenue growth. The business is worth $9.5 billion, and is expanding into the tracking of ageing relatives and family pets. In Australia, use of Life360 has surged from 1.9 million monthly active users in 2023 to 2.7 million in 2024. 'We're seeing the rise of what we call the anxiety economy – a shift where families are making more values-based decisions and prioritising peace of mind in how they spend,' said the company's newly announced chief executive, Lauren Antonoff. 'I think of us as the antidote for the anxiety. We're not telling people that there's danger around every corner, but we know that people think about this stuff.' The company recently released an advertisement that went viral, which satirised the very parental anxiety it monetises. The ad featured a mother singing a Disney-style song to her teenage daughter called I think of you (dying) in which the mother voices her catastrophic thoughts about the fatal disasters that could befall her child while she's out of sight. They include getting stuck in a mine, being kidnapped by bandits and bleeding out on the street.