{"id":777006449,"date":"2023-06-20T09:43:17","date_gmt":"2023-06-20T12:43:17","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777006449"},"modified":"2026-04-22T20:50:11","modified_gmt":"2026-04-22T23:50:11","slug":"the-stars-sale-and-leaseback-deal-for-treasury-casino-falls-through","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-stars-sale-and-leaseback-deal-for-treasury-casino-falls-through","title":{"rendered":"The Star’s sale and leaseback deal for Treasury casino falls through"},"content":{"rendered":"\n

Charter Hall had pulled out of the AU$248m (US$168.7m) deal to buy Star Entertainment assets.<\/p>\n\n\n\n\n\n\n\n

Australia.- The Star Entertainment Group <\/strong>has announced the failure of a planned sale and partial leaseback transaction involving the Treasury Casino and Hotel buildings<\/strong> and Queen’s Gardens Car Park. However. The proposed deal with Charter Hall has fallen through.<\/p>\n\n\n\n

According to a company’s statement, Charter Hall decided not to proceed with the transaction due to the conditions not being satisfied within the specified timeframe. As a result, The Star is now evaluating alternative options<\/strong> in response to this development.<\/p>\n\n\n\n

In the previous announcement on 27 October 2021, The Star revealed its intention to enter into the sale and partial leaseback transaction with Charter Hall, subject to certain conditions and State consent. However, it has now been confirmed that Charter Hall has withdrawn from the deal, citing the failure to meet the required conditions as outlined in the contractual terms. The Star had requested an extension of the timeframe for satisfying these conditions, but Charter Hall declined the request.<\/p>\n\n\n\n

With the sale and leaseback deal no longer proceeding, The Star Entertainment Group is now faced with the task of exploring alternative avenues for its Treasury Casino and Hotel properties. The company is actively considering its options in response to this unexpected turn of events.<\/p>\n\n\n\n

Earlier this month, the company also announced its Queen\u2019s Wharf integrated resort<\/a> in Brisbane will not open until April 2024. The Destination Brisbane Consortium (DBC), a joint venture between The Star, Chow Tai Fook Enterprises, and Far East Consortium, made adjustments to the timeline after reviewing construction progress.<\/p>\n\n\n\n

The Star CEO and managing director Robbie Cooke <\/strong>said: \u201cThe revised opening date follows careful consideration of current progress by our builder. Queen\u2019s Wharf has not been immune from the types of pressures that other major infrastructure projects across Australia have encountered.<\/p>\n\n\n\n

\u201cWe are disappointed, but this transformational development for Brisbane has been eight years in the making already, and it will be well worth the wait. Queen\u2019s Wharf will be a game-changer<\/strong> for a city that continues to attract the eyes of the world as we charge towards the 2032 Olympic and Paralympic Games.\u201d <\/p>\n\n\n\n

The Queen\u2019s Wharf Brisbane development<\/a> will include four luxury hotels, 50 new bars and restaurants, a retail area, up to 2,000 residential apartments and the equivalent of 12 football fields of public space. It is expected to host 2,500 slot machines<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Charter Hall had pulled out of the AU$248m (US$168.7m) deal to buy Star Entertainment assets.<\/p>\n","protected":false},"author":176,"featured_media":26456,"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's planned AU$248m sale and partial leaseback of its Treasury Casino and Hotel assets to Charter Hall has failed due to unmet conditions. Concurrently, the opening of the Queen's Wharf integrated resort in Brisbane, a joint venture, has been delayed until April 2024, impacting The Star's operational timeline and capital structure.","focusai_entities":"Charter Hall, The Star Entertainment Group, Destination Brisbane Consortium, Chow Tai Fook Enterprises, Far East Consortium, Robbie Cooke","focusai_location":"Australia, Brisbane","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Star's Capital Strategy?","query":"What are The Star Entertainment Group's revised capital expenditure forecasts and funding strategies following the failed asset sale and the Queen's Wharf Brisbane project delay?"},{"label":"Queen's Wharf GGR Impact?","query":"How will the extended timeline for Queen's Wharf Brisbane impact The Star's projected GGR and NGR contributions from the integrated resort, and what are the revised ramp-up expectations?"}],"footnotes":""},"categories":[16336,157],"tags":[24103],"class_list":["post-777006449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006449","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=777006449"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006449\/revisions"}],"predecessor-version":[{"id":777006464,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006449\/revisions\/777006464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26456"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777006449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777006449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777006449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}