Australian casino operator Star Entertainment Group’s has resurrected its agreement to sell a 50% share in its resort in Brisbane.
Hong Kong investors Far East Consortium and Chow Tai Fook Enterprises have now come to a renewed agreement on a sale after earlier negotiations fell through.
Star plans to sell its stake for AUD 53m (~£25m), of which AUD 45m (~£21m) was already paid in March and has since been reinstated following the breakdown of the previous negotiations.
The proceeds from the sale will enable Star to pay off its large debt, particularly that incurred during the renovation of its Brisbane property.
As part of the agreement, Star will also retain the right to develop the Gold Coast going forward and take over two-thirds of two hotels that are currently being built from its Hong Kong shareholders.
Deal Details and Financial Context in a Challenging Market
Star’s eventual departure from Brisbane’s Queen’s Wharf hotel and casino complex is made possible by the agreement, which largely reflects initial conditions outlined in March 2025.
Subject to approvals and conditions, the two-stage transaction is expected to be completed by late 2026, completing asset transfers and ownership changes.
This action comes as Star Entertainment is struggling financially as a result of years of regulatory scrutiny, money laundering lawsuits and expensive development overruns.
The agreement, which positions the resort for long-term value ahead of Brisbane’s hosting of the 2032 Olympic Games, has been hailed as a milestone by executive leaders from Far East Consortium and Chow Tai Fook.
As operators deal with regulatory pressures, market changes, and debt management, this asset sale brings to light the continuous difficulties and restructuring initiatives within the Australian casino industry.
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