Star Entertainment has been unable to reach a deal that would see it sell its stake in Brisbane’s Queen Wharf development.
The Australian Financial Review reported yesterday that Star was closing in on a much-needed funding deal with two of its Hong Kong-based investors.
The deal would see Star offload control of the $3.6 billion Queen’s Wharf development, including the company’s Brisbane casino, to Chow Tai Fook Enterprises and Far East Consortium in exchange for a $50 million cash injection that would help it stave off administration.
In a statement to the stock market this morning, the casino operator confirmed talks were under way, but said no deal had yet been reached.
“The Star confirms that, as announced to the ASX on 10 February 2025, it has been in discussions with its joint venture partners, Chow Tai Fook and Far East Consortium (joint venture partners) in respect of a possible disposal of the Star’s 50 per cent equity interest in (the Queen’s Wharf development) to the joint venture partners and related matters,” the statement said.
“The Star has been unable to reach an agreement with its Joint Venture Partners to date.”
Chow Tai Fook Enterprises and Far East Consortium are already investors in the Queen’s Wharf development.
