{"id":777003393,"date":"2023-03-16T13:07:26","date_gmt":"2023-03-16T16:07:26","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777003393"},"modified":"2026-04-22T23:43:13","modified_gmt":"2026-04-23T02:43:13","slug":"the-star-raises-au800m-in-equity-for-queens-wharf-brisbane","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-star-raises-au800m-in-equity-for-queens-wharf-brisbane","title":{"rendered":"The Star raises AU$800m in equity for Queen’s Wharf Brisbane"},"content":{"rendered":"\n

The Star’s partners in the casino project contributed to the equity raise.<\/p>\n\n\n\n\n\n\n\n

Australia.- The Star Entertainment Group<\/strong> has raised AU$800m (US$530.8m) in fresh funding for its under-construction Queen’s Wharf Brisbane casino resort<\/a>. Its Hong Kong-based partners, Chow Tai Fook Enterprises <\/strong>and Far East Consortium International<\/strong>, have provided binding pre-commitments for around AU$80m, which equates to their functional pro-rata entitlement.<\/p>\n\n\n\n

The equity raising exercise includes a “three for five” entitlement offer on Star Entertainment’s fully-paid ordinary shares. The retail component of its accelerated non-renounceable entitlement offer raised approximately AU$203m at AU$1.20 per new share. <\/p>\n\n\n\n

Approximately 169.5 million new shares will be issued under the retail entitlement offer <\/strong>and are expected to be allotted on March 20, with trading to begin on the Australian Securities Exchange on March 21. <\/p>\n\n\n\n

According to the casino operator, approximately 10,100 valid applications for retail entitlements were received, for approximately AU$107m, representing a take-up rate by eligible retail shareholders of approximately 53 per cent.<\/p>\n\n\n\n

The new shares will rank equally with existing The Star shares on issue. The exercise is expected to help The Star achieve a strengthened balance sheet and meet its capital requirements.<\/p>\n\n\n\n

The Star\u2019s chief executive officer, Robbie Cooke, commented: \u201cWe are extremely appreciative of the support we have received from our retail shareholders who have participated in the Retail Entitlement Offer. <\/p>\n\n\n\n

“As conveyed at the time of the institutional entitlement offer completion, the capital structure initiatives announced on 23 February 2023, including the Placement and Entitlement Offer, will provide The Star with a strengthened balance sheet to deliver on its key strategic priorities and to meet the capital requirements provisioned for.\u201d <\/p>\n\n\n\n

See also: <\/strong>The Star puts Sheraton Grand Mirage up for sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Star’s partners in the casino project contributed to the equity raise.<\/p>\n","protected":false},"author":176,"featured_media":25794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group has successfully completed an AU$800m equity raise, including pro-rata pre-commitments from its Hong Kong-based partners, to fortify its balance sheet and meet capital requirements for the Queen\u2019s Wharf Brisbane integrated resort. The capital structure initiatives, encompassing a retail and institutional entitlement offer, saw a 53% take-up rate from eligible retail shareholders, with new shares slated for ASX trading on March 21.","focusai_entities":"The Star Entertainment Group, Chow Tai Fook Enterprises, Far East Consortium International, Robbie Cooke, Australian Securities Exchange","focusai_location":"Australia, Brisbane, Hong Kong","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Structure Impact","query":"How will this AU$800m equity raise specifically alter The Star Entertainment Group's debt-to-equity ratio and overall capital structure, and what are the implications for future financing activities or potential M&A?"},{"label":"Project Funding Assurance","query":"Does this capital injection fully de-risk the Queen's Wharf Brisbane project from further equity calls, or are there remaining capital expenditure requirements that may necessitate additional funding?"}],"footnotes":""},"categories":[16336,157],"tags":[23871],"class_list":["post-777003393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777003393"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003393\/revisions"}],"predecessor-version":[{"id":777003410,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003393\/revisions\/777003410"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25794"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777003393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777003393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777003393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}