Latest news with #QueenWharf
The Australian
13 hours ago
- Business
- The Australian
Star Entertainment: Queens Wharf sale 'unlikely' as losses mount
Embattled casino operator Star Entertainment has announced the sale of its Queen's Wharf precinct is 'unlikely' to go through by July 31. In the latest blow, Star told the ASX that the sale of the hotel and entertainment complex to Hong Kong investment partners was on the rocks again. Chow Tai Fook Enterprises and Far East Consortium each own 25 per cent of the Queens's Wharf and announced back in March they would buy Star's remaining 50 per cent in the development. But in early July, the deal threatened to collapse before Star Entertainment announced that it would repay $10m of the proceeds from the joint venture partners if an agreement wasn't reached by July 31. Star said the sale of its Brisbane Queen's Wharf was 'unlikely'. Picture: NewsWire / Glenn Campbell In its quarterly activities report released on Wednesday, Star said the deal was 'unlikely' and it would have to pay back $10m of the $45m it had received from the joint venture before paying an additional $26.5m by September 5. 'However, in The Star's view, based on the current status of discussions, it is unlikely that the parties will be in a position to finalise long-form documents by 31 July 2025,' Star Group said. 'The consequences of this potential outcome are discussed below, unless the parties agree otherwise.' Star Entertainment results also showed the business lost more money in the June quarter. The Star lost $27m in the last quarter compared with $24 in the previous quarter, with the Queen's Wharf being responsible for $15m in lost earnings. Star said its cash position had improved over the last quarter. Picture: NewsWire / Glenn Campbell Revenue came in slightly higher up to $270m in the fourth quarter to June 2025 compared with $268m in the previous quarter. As of June 30, 2025, Star had $234m in cash and $269m in cash equivalents, an improvement on the $44m it had on March 31. The improving cash balance comes after US casino giant Bally's lobbed a $300m takeover bid for majority control of Star on April 7. Star Entertainment received $100m on April 9 before receiving a further cash injection of $133m on June 27. It will receive the remaining $67m on October 7.
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.
