Star Entertainment Group’s Hong Kong partners, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited, have given notice of their intention to terminate an agreement that would have seen them acquire a combined 100% stake in the Queen’s Wharf Brisbane development – now known as The Star Brisbane.
Star currently holds a 50% stake in the integrated resort with Chow Tai Fook and Far East Consortium holding 25% each as part of the Destination Brisbane Consortium (DBC) joint venture.
Just days after Star shareholders approved an AU$300 million [US$197 million] rescue package from US casino operator Bally’s Corp and Bruce Mathieson’s Investment Holdings Pty Ltd, the company revealed that it has now received notice from its Hong Kong partners that they wish to terminate the Heads of Agreement signed in regard to The Star Brisbane in March.
