Less than two weeks after an initial agreement collapsed, Australia’s Star Entertainment Group has confirmed it will offload its 50% stake in Queen’s Wharf Brisbane after entering into binding long-form documentation with its Hong Kong partners.
In an ASX filing, Star it would dispose of its interest in the Queen’s Wharf ownership entity Destination Brisbane Consortium (DBC) to Chow Tai Fook Enterprises and Far East Consortium and ultimately transition management of the casino at The Star Brisbane to a replacement operator. The Hong Kong partners currently hold 25% each of DBC.
Star will in turn assume the combined 67% stake currently held by Chow Tai Fook and Far East Consortium in two hotel and residential towers located at The Star Gold Coast.
