Markets 
Gaming giant Star Entertainment has finalised a deal to offload the Queen’s Wharf complex to its Hong Kong consortium partners, in a deal that will enable the embattled company to continue operating the sprawling Brisbane casino.
The company had owned a 50 per cent stake in the multibillion-dollar complex with joint venture partners Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC).
Star, which also owns casinos in Sydney and the Gold Coast, was forced to sell its share in the Brisbane property for $53 million as part of restructuring efforts to ensure its survival as debt spiralled and money-laundering regulatory changes cut off revenue from high-roller Asian investors.
Chow Tai Fook and Far East Consortium will have equal shares in the property, while Star will continue to manage the casino.
But the owners will retain the right to replace the gaming operator with three-months’ notice if the company underperforms.
Star is expected to gain $53 million from the deal, which will also hand ownership of Brisbane’s Treasury Hotel and car park and the Charlotte Street car park to the other consortium members.
Christopher Cheng, director and co-chief executive of Chow Tai Fook, said the deal would give the complex long-term stability.
“Having been involved in the project from its earliest stages, CTFE and Far East Consortium remain committed to supporting the continued development of this world-class destination,” he said.
The deal was first announced in March last year, but the process had stalled as the parties argued over who would operate the complex after the sale.
US-based gaming giant Bally’s took control of Star in 2025 along with the billionaire Australian pub and pokies family the Mathiesons.
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James Hall is the News Director at the Brisbane Times. He is the former Queensland correspondent at The Australian Financial Review and has reported for a range of mastheads across the country, specialising on political and finance reporting.Connect via X or email.From our partners
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