The Star to sell Treasury Brisbane Casino building for US$45.5m
The company has reached an agreement to sell the Treasury Brisbane Casino building to Griffith University.
Australia.- The Star Entertainment Group has announced that its Queensland subsidiary has reached an agreement to sell its leasehold interest in the Treasury Brisbane Casino building to Griffith University for AU$67.5m (US$45.5m). The sale will generate net proceeds of AU$60.7m (US$40.9m).
The casino operator said the sale is subject to conditions including relevant government consent and a new lease being granted and registered, targeted to occur on or around September 27. The Star Entertainment Group closed the Treasury Brisbane Casino on August 25 as part of preparations for the staged opening of The Star Brisbane at Queen’s Wharf. The venue soft-opened on August 29.
Meanwhile, the company announced that it is reviewing its financial and liquidity position following the New South Wales Independent Casino Commission (NICC)’s release of the report on Adam Bell SC’s second inquiry. It said it is working with various advisers to finalise its preliminary financial report for the financial year ended June 30 and is in discussions with stakeholders about its liquidity position.
