Beleaguered casino operator The Star has sold its stake in Queen’s Wharf Brisbane to its Hong Kong-based partners in a deal that allows the gaming giant to continue to manage the casino complex.
In a statement to the Australian Stock Exchange, The Star Entertainment Group said it had sold its 50 percent share to Chow Tai Fook Enterprises Limited and Far East Consortium International Limited – together known as Joint Venture Partners.
The Chinese powerhouses are now the 50-50 joint owners of the property. The deal includes ownership of Brisbane’s Treasury Hotel and carpark, and the Charlotte Street car park.
The companies have agreed that The Star will no longer receive the operator fee under their management agreement, and will instead receive a fixed monthly fee which totals $18 million annually.
It will also receive a performance-based incentive fee. Its contract with Joint Venture Partners can be terminated in “certain circumstances” based on performance with 90-days notice.
Star Entertainment Group was suspended from trading on the ASX in two separate occasions on 2024 and 2025 for not lodging its annual financial results on time. This was amid hefty, ongoing debts and a financial crisis linked to regulatory issues at its casinos.
