Latest news with #DestinationBrisbane
Yahoo
07-07-2025
- Business
- Yahoo
Star Entertainment buys time in $4bn saga
Star Entertainment has extended the deadline and avoided the collapse of its Queen Wharf deal, but it could cost the embattled casino. In a fresh announcement, Star confirmed that it would repay $10m of proceeds it received from joint venture partners Chow Tai Fook Enterprises and Far East Consortium if a deal to buy the Queen's Wharf casino and entertainment precinct in Brisbane wasn't reached by July 31. Star would also have to reimburse the joint venture partners $26.5m in contributions that have been made to the casino since March 31, 2025. Star now has until the end of the month to lock in a deal to sell its half of the $4bn complex to the consortium, which last week gave notice that it wanted to terminate the deal on Monday. As part of its strategy to raise much-needed cash, Star agreed to sell its 50 per cent stake in Queen's Wharf, known as Destination Brisbane Consortium, to the joint venture partners for $53m. But last week the joint venture partners announced that they wanted to walk away from an agreement struck in March to take over Star's stake in the complex. 'Since the recent general meeting, the parties have continued to negotiate with a view to finalising the long form documents but, as of this morning, have not reached an agreement on the outstanding commercial issues,' Star said in an ASX release last week. Error in retrieving data Sign in to access your portfolio Error in retrieving data
News.com.au
07-07-2025
- Business
- News.com.au
Star Entertainment scrambles to save collapsing Brisbane deal
Star Entertainment has extended the deadline and avoided the collapse of its Queen Wharf deal, but it could cost the embattled casino. In a fresh announcement, Star confirmed that it would repay $10m of proceeds it received from joint venture partners Chow Tai Fook Enterprises and Far East Consortium if a deal to buy the Queen's Wharf casino and entertainment precinct in Brisbane wasn't reached by July 31. Star would also have to reimburse the joint venture partners $26.5m in contributions that have been made to the casino since March 31, 2025. Star now has until the end of the month to lock in a deal to sell its half of the $4bn complex to the consortium, which last week gave notice that it wanted to terminate the deal on Monday. As part of its strategy to raise much-needed cash, Star agreed to sell its 50 per cent stake in Queen's Wharf, known as Destination Brisbane Consortium, to the joint venture partners for $53m. But last week the joint venture partners announced that they wanted to walk away from an agreement struck in March to take over Star's stake in the complex. 'Since the recent general meeting, the parties have continued to negotiate with a view to finalising the long form documents but, as of this morning, have not reached an agreement on the outstanding commercial issues,' Star said in an ASX release last week.
