Latest news with #ChowTaiFook
Straits Times
2 days ago
- Business
- Straits Times
No longer granny gold: More young people going for gold jewellery
Sign up now: Get ST's newsletters delivered to your inbox On Cheong's Si Dian Jin Designer Series gold jewellery set in their shop at South Bridge Road on Aug 13. SINGAPORE – She used to think gold jewellery was old-fashioned, too yellow and culturally loaded for casual wear. But in July, 25-year-old Phoebe Lye walked into one of Chinese jewellery giant Chow Tai Fook's Singapore stores for two 999 gold charms ($190 each). That is the purest grade of the precious metal, unblunted and ingot-like in hue.
News.com.au
4 days ago
- Business
- News.com.au
Star Entertainment offloads Brisbane's Queen's Wharf precinct in $53m deal
Star Entertainment will finally offload its share of the Queen's Wharf precinct in Brisbane, ending months of speculation. 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.
The Australian
01-08-2025
- Business
- The Australian
Star Entertainment's Brisbane casino sale to Hong Kong partners fails
The sale of Star Entertainment Group's Queen's Wharf precinct to its Hong Kong investment partners has collapsed, putting the casino company under intense pressure as it must refinance its share of $1.4bn of debt tied to the Brisbane project. The listed company must also make a $41m payout to the two Asian groups — Chow Tai Fook and Far East Consortium — by early September amid signs their relationship had soured as Star sought out rival groups, including the Blackstone-owned Crown Resorts, to run the casino. Star on Friday flagged it could undertake a series of asset sales as it scrambles to fund both that payment and deal with a refinancing of the Destination Brisbane Consortium vehicle which controls the Queen's Wharf project. In the wake of the shock termination, Star noted that talks were continuing with the deep-pocketed pair of Asian investors. However, it said that it was also considering what alternative options may be available in relation to its 50 per cent interest in DBC, along with the Treasury Brisbane hotel and car park and its 50 per cent interest in the Charlotte Street car park. The Treasury Brisbane hotel was quietly marketed last year and came close to selling to a Thai group ahead of the larger proposal by Chow Tai Fook and the Far East Consortium emerging. Another group, Warren Ebert's Sentinel operation, looked at buying the car park that Star fully controls, industry sources said. Each of the sales could have raised about $45m at the time, according to people familiar with the assets. But they may not trade so favourably now given Star's diminished state. Star shares dropped by 1.8c to a record low of 9.2c. Chow Tai Fook and Far East Consortium, which currently each hold 25 per cent of Queen's Wharf, had agreed in March to take over Star's 50 per cent share, but negotiations faltered and hit crisis point last month with formal termination action. In its quarterly activities report, released Wednesday morning, Star warned the deal's failure would mean it had a week to repay $10m of the $45m it had already received from its partners and reimburse another $26.5m by September 5. It was hopeful of negotiating 'long form documents' but its efforts to gain a further extension until August 6 from the Hong Kong pair were brushed aside. As a result of the deal's failure, the listed company will end up keeping its one-third interest in its Gold Coast assets, as well as the Treasury hotel and car park, and its 50 per cent interest in a Charlotte Street car park. But, Star must repay $10m to its HK partners by August 6 and also reimburse them for their share of equity contributions to the Brisbane assets since the end of March. This amounts to $31m and is payable by September 5. To the extent this is not repaid, Star must transfer its one third interest in a hotel on the Gold Coast to the HK groups. They are also required to reimburse Star but only to the tune of about $1m for its contributions on the Gold Coast project. Star faces larger problems over the parent guarantee in relation to its 50 per cent share of the Destination Brisbane Consortium debt facility, for which the total current drawn balance is about $1.4bn. That will now remain on foot due to the deal's failure. Star will also continue to be responsible for its share of future equity contributions to DBC, estimated to be approximately $200m. More equity may also be required as part of the refinancing of the DBC debt facility, which is due to expire in December 2025. Listed investors, however, are wary of pouring further funds into the company after two huge discounted equity raisings, and a potential $300m rescue deal by US-based casino operator Bally's is under regulatory scrutiny. Star Entertainment shareholders in June had overwhelmingly approved the $300m rescue deal after being warned they would get nothing if the company collapsed into liquidation. Chair Anne Ward told a shareholder meeting to approve the transaction as the beleaguered company had 'exhausted all options' to secure funding for its survival and the Bally's deal was the only offer on the table. While the white knight may now review its strategy, that deal could still see Bally's and pubs billionaire Bruce Mathieson's Investment Holdings take a majority stake in the casino company. Star said it was continuing to engage with its HK joint venture partners and will provide an update if there are any material developments regarding their respective interests in DBC and Destination Gold Coast Consortium. Ben Wilmot Commercial Property Editor Ben Wilmot has been The Australian's commercial property editor since 2013. He was previously a property journalist with the Australian Financial Review. Companies Billionaire Laurence Escalante has secured a $1bn buyout of Virtual Gaming Worlds shareholders, with plans to move his $3.2bn gaming empire to tax haven Guernsey. Companies Business as usual is not an option for Steve McCann. The Star boss needs to come clean on how he plans to pay for the wave of bills now coming for the casino.
Yahoo
01-08-2025
- Business
- Yahoo
Embattled casino's lifeline deal collapses
A major property deal involving casino operator Star Entertainment has officially failed, leaving the struggling company on the hook for $40m of repayments. 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. More to come Sign in to access your portfolio
News.com.au
01-08-2025
- Business
- News.com.au
Star Entertainment's Brisbane Queen's Wharf deal collapses
A major property deal involving casino operator Star Entertainment has officially failed, leaving the struggling company on the hook for $40m of repayments. 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.
