The deal for Australia’s Star Entertainment Group to sell its 50 per cent share of Queen’s Wharf Brisbane is back on less than two weeks after collapsing.
The Star has confirmed that it and various subsidiaries have entered into binding long-form documentation with Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited, in relation to DBC (the owner of the Queen’s Wharf Brisbane Integrated Resort), DGCC (the owner of the Gold Coast joint venture assets) and other assets in Brisbane that are owned or partially owned by The Star.
The transaction involves The Star disposing of its interest in DBC (and the ultimate transition of the management of The Star Brisbane Integrated Resort to a replacement operator), consolidating its position at the Gold Coast and transferring other Brisbane assets and interests held by The Star to the Joint Venture Partners. The binding long form documentation supersedes previous arrangements in respect of the transaction, including the Heads of Agreement with the Joint Venture Partners, which was terminated on 1 August 20251.
The Star said: “The key aspects of the transaction are materially consistent with the Heads of Agreement announced to the ASX on 7 March 2025. Further details of the Transaction are set out in the Annexure to this Announcement. The Star has also received the consent of its subordinated lenders Bally’s Corporation and Investment Holdings Pty to support the transaction on the basis of the executed terms. The Transaction will be completed in two separate stages. The completion of the exit from DBC is the first stage, with a sunset date of 30 November 2025. The completion of the remaining assets included in the Transaction (including DGCC and The Treasury Hotel in Brisbane) is subject to a separate set of conditions precedent which are currently expected to be satisfied during 2H CY2026.”
“Completion of each stage of the Transaction is subject to satisfaction of all required conditions precedent in respect of each stage including receipt of applicable regulatory approvals, approval of accommodations requested by the Joint Venture Partners from the Queensland State Government, approvals from lenders to The Star, DBC and DGCC, amendments to DBC facility documentation, release of The Star’s parent company guarantees in relation to DBC and other required third party consents.”
The post The Star finally secures deal to exit Queen’s Wharf Brisbane appeared first on G3 Newswire.
The deal for Australia’s Star Entertainment Group to sell its 50 per cent share of Queen’s Wharf Brisbane is back on less than two weeks after collapsing. The Star has confirmed that it and various subsidiaries have entered into binding long-form documentation with Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited,…
The post The Star finally secures deal to exit Queen’s Wharf Brisbane appeared first on G3 Newswire.