Star Entertainment completes sale of stake in Queen’s Wharf to Hong Kong partners

Two Hong Kong investors have become the sole owners of Brisbane’s Queen’s Wharf after Star Entertainment completed its exit from the project.

The embattled gaming giant this morning informed the ASX it had finalised the sale of its stake in the Destination Brisbane Consortium, which owns the complex.

Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC) separately confirmed the deal on Wednesday morning.

The deal sees Star give up its 50 per cent stake in the consortium, with CTFE and FEC becoming equal 50 per cent partners.

Previously, they owned 25 per cent each.

Star told investors in August it had finally signed an on-again, off-again deal with the controversial Hong Kong partners. CTFE was once linked to organised crime figures.

Star had been in talks with CTFE and FEC since February last year.

In addition to Queen’s Wharf, the Hong Kong partners will also take over Star’s ownership of the Treasury Hotel and car park, and the Charlotte Street car park. 

Star is expected to pocket $53 million in the deal, along with taking stakes in Gold Coast hotels near its casino there.

In a statement, director and co-CEO of CTFE Christopher Cheng said the deal would provide “long-term stability” for Queen’s Wharf and its staff.

“Having been involved in the project from its earliest stages, CTFE and Far East Consortium remain committed to supporting the continued development  of this world-class destination.”

Executive director of FEC Wendy Chiu said the deal represented the company’s view of Brisbane as a “global city”.

“We are grateful for the Queensland government’s ongoing support for the project, and are committed to working with stakeholders to ensure the continued success of Queen’s Wharf Brisbane as a premier tourism, entertainment and lifestyle destination, operating to the highest regulatory standards,” she said.