Star Entertainment's Brisbane Queen's Wharf deal collapses
Star flagged the likely failure of the deal on Wednesday, and on Friday morning share trading was paused as negotiations over the newly opened Queen's Wharf casino in Brisbane fell apart.
'As of this morning, the parties have been unable to reach agreement on a number of outstanding commercial issues which in turn prevent the finalisation of long form documents,' an announcement to the ASX said.
Star proposed to extend the deadline – again – for another week, but Chow Tai Fook Enterprises and Far East Consortium International declined, the announcement read.
Star had been trying to sell its majority stake in the Queen's Wharf precinct to the Hong Kong-based business partners.
As a consequence of the deal falling through, Star Entertainment must repay the partners about $41m, the ASX announcement said – $10m by August 6, and $31m by September 5.
The fallout also leaves Star liable for about $1bn of debt.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
3 hours ago
- News.com.au
Productivity Commission calls for changes to road user charges to fund road upgrades
The federal body tasked with boosting Australian living standards has reissued calls for a national road user charge to help fund major infrastructure projects, which would also force drivers of electric vehicles to contribute to road maintenance. As it stands, EV drivers are not subject to the 51.6 cents per litre fuel excise drivers ultimately pay when refuelling at the bowser. The call to arms was detailed in the Productivity Commission's (PC) analysis of the National Competition Policy – the fourth of five reports handed to Jim Chalmers ahead of the Economic Reform Roundtable later this month. This follows long-term calls by the PC to enact a road user charges on all vehicle types, with a current charge only applied to heavy vehicles through a diesel excise. 'Road infrastructure should be funded through user charges (prices) that reflect the efficient cost of providing and maintaining that infrastructure,' the report said. 'By giving drivers a clear signal about the cost of infrastructure, they would have an incentive to use it more efficiently. 'Moreover, there will be a signal to infrastructure providers where changes in road capacity are warranted.' It said national reform should be prioritised following the High Court challenge which overruled the Victorian government's attempt to put in place a 2 cents a kilometre on EV drivers in 2023. The PC also noted that the 'growth in use of electric vehicles' should be 'added impetus' for priority reform, with the commission set to give its final report to the Treasurer in late October. 'The decision of the High Court rules out state-based distance road user charges and means governments need to consider a national approach to road funding,' it said. 'This opens the opportunity to design a system that is less fragmented and better reflects the costs of providing and using road infrastructure.' In an earlier report released this week, the PC urged Labor to scrap subsidies on EVs, like the fringe benefits tax exemption on electric cars and plug-in hybrids. Instead, it said the New Vehicle Efficiency Standard should be the 'main tool for promoting clean vehicles'. Previously Mr Chalmers has said the government has no immediate plans to tax EV users, however he said discussions with the sector and states had been ongoing. 'Over time, the use of fossil fuels in our car fleets will come down, and EV use will go up,' he told reporters in July. 'We've seen that, and we're making a contribution to that with our policies and that will have implications for the tax base.' However, despite lags at a federal level, the NSW state government has flagged a distance-based charge for eligible EVs set to come into place from July 1, 2027, or when EVs make up 30 per cent of all new vehicle sales. The PC's analysis of competition policy also found regulating Australian standards with overseas standards could boost GDP by up to 0.2 per cent a year – a nominal increase between $1.9bn to $3.8bn. Occupational licensing reform, which would make it easier for workers to move interstate, was noted as a competition-boosting change which would result in the biggest affect on the economy, which could deliver between a $5bn to $10bn boost to GDP. This comes after the government flagged changes to design a national scheme for people in electrical trades in the March federal budget.
ABC News
3 hours ago
- ABC News
Money Matters: How much super do you really need to retire comfortably?
Your panel of experts, Nick Bruining, Phil George, and Gavin Hegney share their two cents. 01:23 How much money do you really need to retire on? Nick thinks it's less than what the super funds say. 05:05 The highs and lows of the 2025 Diggers and Dealers mining conference. 10:52 An ABC listener asks when to change money to get the best exchange rate when heading overseas. The panel debates credit card exchange rates as well as advice for exchanging cash. Money Matters is your weekly guide to the world of finance, money and wealth. Every Thursday, an expert joins Nadia Mitsopoulos on ABC Radio Perth for a insights about personal finance issues and how they might affect you.
News.com.au
4 hours ago
- News.com.au
Perth businessman Ted Powell has made an unprecedented donation of $100m to Murdoch University's veterinary school
Perth businessman Ted Powell has made an unprecedented donation of $100m to Murdoch University's veterinary school. The gift is the largest donation ever received by a West Australian university and one of the largest received by any Australian uni. 'You can't spend $100m when you're 74 years old. It's just not possible,' Mr Powell, who made his fortune founding Offshore Incorporations Limited, said on Thursday. 'I've given almost as much as I can, but you know, I'm not going to go hungry. 'I know my late wife, Dee, an animal lover and a most generous person, would also be immensely proud of this project.' Mr and Mrs Powell, who did not have children, established The Ragdoll Foundation, which has provided financial support to more than 140 Murdoch students who completed their degrees through a scholarship program. The $100m donation will be used to redevelop Murdoch's veterinary school with a 9600 sqm facility that will be large enough to increase the number of vet students who can be trained in WA by 50 per cent. Mr Powell said there were many good causes in the medical and educational fields and encouraged anyone who was financially well-off to consider giving to worthy causes. 'I am absolutely delighted that this gift will support the redevelopment of the Veterinary School,' he said. Vice Chancellor Andrew Deeks said Mr Powell's extraordinary act of generosity would help ensure WA continued its role as a leading hub for animal research, teaching and training. 'Veterinary Medicine was one of 10 foundation courses offered by Murdoch when we opened 50 years ago and a commitment to the environment and conservation are part of the University's DNA,' the vice chancellor said. 'The discipline has advanced significantly over that time, as have the safety requirements for biological laboratories and animal facilities.' The new facility will allow the university to build on its conservation, animal care and welfare programs, as well as provide more cutting edge research. It will also provide better service for the agricultural and scientific community and broader WA community. Professor Deeks said the development would strengthen research in animal health and the University's One Health agenda which recognised the links between human, animal and environmental health. 'On behalf of Murdoch University, I cannot thank Ted Powell enough for his generosity, support and foresight,' he said. 'He will leave a legacy for the Western Australian veterinary profession, animal research – and for animals great and small – which will resonate for generations to come.'
