The Star Entertainment Group sells stake in Queen’s Wharf Brisbane
The Australian gaming operator has agreed to transfer its interest to joint venture partners.
Australia.- After several setbacks, The Star Entertainment Group has signed a binding agreement to sell its stake in the Queen’s Wharf Brisbane development to Hong Kong-based joint venture partners, Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC).
The deal allows The Star to exit the Destination Brisbane Consortium (DBC) by November 30, subject to approvals, including from the Queensland government. The Star will also cease managing The Star Brisbane Integrated Resort, with a new operator to take over. Earlier reports suggested Crown Resorts or SkyCity as potential replacements.
The agreement includes two stages: the initial sale and a later transfer in 2026, where The Star gains full ownership of the Destination Gold Coast Consortium (DGCC), which oversees The Star Gold Coast.
Under the terms, The Star will receive AU$18m (US$11,7m) from plus a possible earn-out payment up to AU$225m (US$146m), based on DBC’s equity value. The Star must pay AU$8m (US$5,2m) for rights related to a future hotel tower but can offset this against other amounts. The deal also covers The Star’s interest in a nearby car park and the Treasury Brisbane hotel.
