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Australia’s Star Entertainment Group is retaining its 50% stake in Brisbane’s upcoming Queen’s Wharf casino and hotel project after negotiations with Hong Kong investors Chow Tai Fook Enterprises and Far East Consortium failed to reach an agreement. The embattled casino operator confirmed that key commercial terms remained unresolved by the extended July 31 deadline, and a last-minute request for additional talks was rejected.
The collapse of the deal means Star will continue to hold ownership of the Treasury Brisbane hotel and related assets. However, the decision comes with significant financial obligations. Star must repay A$10 million (US$6.43 million) by August 6 and reimburse its partners approximately A$31 million by September 5 for prior equity contributions. Failure to meet these payments could result in the forfeiture of its stake in the Gold Coast’s Dorsett hotel.
Additionally, Star remains responsible for its share of a A$1.4 billion debt facility, due for refinancing in December, and must contribute around A$200 million in future equity commitments to complete the Queen’s Wharf project. The development, now carrying about A$1.6 billion in debt, has already exceeded initial capital expectations.
Chow Tai Fook and Far East hold a combined two-thirds interest in Star’s Gold Coast property and a 2.8% stake in the company. Star’s primary casino operations remain centered in Sydney.
The breakdown of this high-profile partnership marks another major challenge for Star Entertainment, which has faced mounting financial and regulatory pressures amid Australia’s competitive casino market. Investors will be closely watching how the company navigates refinancing and project completion over the coming months.
