Overview
- Star Entertainment has completed the sale of its 50% stake in Brisbane’s Queen’s Wharf to Chow Tai Fook Enterprises and Far East Consortium, leaving the two firms as equal owners.
- The deal also transfers the Treasury Hotel, its car park, and Brisbane’s Charlotte Street car park to the new owners.
- Star expects to receive about $53 million from the transaction and will take stakes in hotels near its Gold Coast casino.
- Star will continue to operate the Queen’s Wharf casino, though the owners can replace the operator with three months’ notice if it underperforms.
- CTFE and FEC say they will provide long-term stability and meet high regulatory standards, a pledge likely to face close oversight given past reporting on CTFE’s links to organised-crime figures.