{"id":1955456,"date":"2025-08-12T07:02:00","date_gmt":"2025-08-12T07:02:00","guid":{"rendered":"https:\/\/celebrity.land\/en\/?p=1955456"},"modified":"2025-08-12T07:02:00","modified_gmt":"2025-08-12T07:02:00","slug":"star-entertainment-group-signs-on-again-off-again-takeover-deal-with-hong-kong-partners","status":"publish","type":"post","link":"https:\/\/celebrity.land\/en\/star-entertainment-group-signs-on-again-off-again-takeover-deal-with-hong-kong-partners\/","title":{"rendered":"Star Entertainment Group signs on-again, off-again takeover deal with Hong Kong partners"},"content":{"rendered":"

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Besieged gaming giant Star Entertainment has agreed to give up both running and part-owning the $3.6 billion Queen’s Wharf casino in Brisbane, cutting a deal to avoid financial calamity.<\/p>\n

Star told investors this morning it had finally signed an on-again, off-again deal<\/a> with its controversial Hong Kong partners, one of which was once linked to organised crime figures.<\/p>\n

That deal is still subject to clearing hurdles, including regulatory checks.<\/p>\n

But, if successful, ASX-listed Star would take stakes in Gold Coast hotels near its <\/strong>casino there.<\/p>\n

It will also get to pocket $53 million in the deal.<\/p>\n

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The Star casino is located at Queen’s Wharf in Brisbane. (ABC News: Christopher Gillette<\/span>)<\/cite><\/p>\n<\/figcaption><\/figure>\n

Replacement operator to come in<\/h2>\n

Star, in turn, would give up assets, including its 50 per cent stake in the consortium behind Queen’s Wharf, as well as the Treasury car park and hotel.<\/p>\n

The move will alleviate a heavy cash flow and debt burden on Star. The consortium had required future equity payments of $212 million and a loan facility of $1.4 billion needed to be refinanced in December this year.<\/p>\n

One concern during negotiations had been whether Star would get to retain rights and fees to manage the Queen’s Wharf.\u00a0<\/p>\n

The deal announced on Tuesday specifies that a replacement operator \u2014 yet to be named \u2014 will come in at some stage.<\/p>\n

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A replacement operator will come in to manage the casino at some point. (ABC News: Christopher Gillette<\/span>)<\/cite><\/p>\n<\/figcaption><\/figure>\n

Star could even receive a bonus payment of up to $225 million in 2030, based partly on the performance of the consortium.<\/p>\n

The deal depends on regulatory approvals.\u00a0<\/p>\n

A change of ownership would require state approval, but the government has not yet indicated whether that would happen.<\/p>\n

Crime links uncovered<\/h2>\n

The Hong Kong consortium partners are Chow Tai Fook (CTF) Enterprises and Far East Consortium.<\/p>\n