Star Entertainment has yet to secure an agreement to divest its stake in the Queen’s Wharf development in Brisbane, valued at $3.6 billion. Reports from the Australian Financial Review indicate that the company was nearing a crucial funding arrangement with two of its Hong Kong-based investors, Chow Tai Fook Enterprises and Far East Consortium.
The proposed deal would see Star relinquish control of the Queen’s Wharf project, which includes its Brisbane casino, in exchange for a much-needed $50 million cash infusion to help mitigate the risk of entering administration. This assistance is critical for Star, which has been in talks regarding the potential sale of its 50% equity interest in the development.
In a recent statement to the stock market, Star confirmed that discussions were ongoing but clarified that no agreement had been finalised as of yet. The statement referenced a previous announcement made on 10 February 2025, affirming that the company has been in negotiations with its joint venture partners about the potential disposal of its stake.
Despite multiple efforts, Star has not reached a consensus with Chow Tai Fook and Far East Consortium, who are already involved as investors in the Queen’s Wharf project. The situation remains precarious for Star Entertainment as it navigates these negotiations while seeking to secure its financial position.
In summary, while Star Entertainment is actively pursuing the opportunity to offload its stake in the Queen’s Wharf development, the outcome of these discussions remains uncertain, and the company continues to face significant financial pressures.