Embattled casino's lifeline 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. A deal for Star's Queen's Wharf precinct has collapsed. NewsWire / Glenn Campbell Credit: News Corp Australia
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.
More to come
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