US EditionStar Entertainment's Queen's Wharf stake exit deal collapses
BRISBANE, QUEENSLAND, AUSTRALIA, JUL 1 – Star Entertainment's Hong Kong partners withdrew from the $3.6 billion Queen's Wharf Brisbane deal over unresolved commercial disputes, leaving the project with A$1.6 billion debt.
- Star has withdrawn from its $3.6 billion Queen's Wharf stake sale after shareholders approved a $300 million rescue by Bally's.
- Far East Consortium and Chow Tai Fook Enterprises have issued formal notice to terminate the sale deal to Star, which takes effect in five business days.
- Far East Consortium demands a $10 million repayment from Star within 30 days to avoid losing a stake in Tower 1.
- The future of the Queen's Wharf precinct remains uncertain, with Star indicating it is still open to negotiations.
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Renewed financial threat for Star as Brisbane casino deal faces collapse
Casino operator Star is staring down another major financial threat, despite shareholders approving a $300 million rescue deal last week. The Hong Kong investors poised to buy Star out of Brisbane's Queen's Wharf development have threatened to walk away.
·Australia
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Coverage Details
Total News Sources16
Leaning Left3Leaning Right6Center3Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 25%
C 25%
R 50%
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