The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
AFFORDABLE HOUSING DEVELOPMENT SUMMIT THURSDAY, AUGUST 28, 2025
AFFORDABLE HOUSING SUMMIT THURSDAY, AUGUST 28, 2025
EVENT DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
HotelMarisa WikramanayakeSun 29 Jun 25

Star’s Deal to Sell Queen’s Wharf Fails as Partners Exit

Star's Queen's Wharf complex that it has tried to sell its 50 per cent stake in to Chow Tai Fook Enterprises and Far East Consortium.

The future of Star Entertainment is back in doubt after the deal to sell its Queen’s Wharf Precinct in Brisbane to its Hong Kong venture partners collapsed.

Star on Monday announced the buyout deal with Chow Tai Fook Enterprises (CTFE) and Far East Consortium (Far East) had been terminated.

Far East and CTFE each holds 25 per cent of the Star’s Queen’s Wharf casino and hotel complex. Star holds the other 50 per cent as part of the Destination Brisbane Consortium (DBC).

Under the planned deal, the Far East and CTFE were to hand over $53 million in cash as well as their 66.7 per cent equity interest in The Star casino on the Gold Coast to The Star Entertainment Group for its 50 per cent interest in the Queen’s Wharf assets.

It announced the deal in March of this year.

According to report at the time, the Star was days from running out of cash as Queen’s Wharf amassed $1.6 billion in debt and still in need of millions more to complete.

The Star informed the Australian Securities Exchange that April 30 was the deadline for signing off on the deal. 

But that deadline passed without a signature and Star sold its Sydney event centre for $58 million to stay afloat. 

Bruce Mathieson’s Bally’s Corporation and Investment Holdings also provided $133 million to the Star after shareholders voted to accept the deal at a general meeting. 

Star told the ASX on Monday that CTFE and Far East had informed them of their intent to end the deal, with five days notice, at the end of the week. 

Queen's Wharf is expected to have three hotels: The Star Grand, the Rosewood and the Dorsett.
▲ Rendering of part of Queen’s Wharf in Brisbane.

“The Star remains willing to continue negotiations with the joint-venture partners to give effect to the DBC transaction,” the Star’s notice to the ASX said.

The termination of the deal can be paused if negotiations are successful before the end of the week.

It has been reported that the Star would need to pay its Hong Kong partners $10 million after exiting the deal. 

A New South Wales Government inquiry in 2021 found that the Star had allowed a convicted Macau operator to run a secret gaming room, creating money laundering and terrorism concerns.

HotelBrisbaneFinanceDeal
AUTHOR
Marisa Wikramanayake
The Urban Developer
More articles by this author
ADVERTISEMENT
TOP STORIES
Rob Stokes on Faith Land Housing Opportunities across australia
Exclusive

Salvation at Hand: Why Ex-MP is Championing Faith-Based Land Development

Renee McKeown
6 Min
Childcare shortfall EDM
Exclusive

Childcare Crunch: $4bn Shortfall Opens Door for Developers

Vanessa Croll
7 Min
Adelaide old and new buildings
Exclusive

In with the Old: Why Building Coalition Says Reuse Must Trump Redevelopment

Leon Della Bosca
7 Min
Victoria Barracks Paddington NSW
Exclusive

Future of Inner-Sydney Megasite Under Investigation

Clare Burnett
4 Min
Improving capacity using immersion cooling instead of the traditional cooling systems used in data centres today.
Exclusive

The Cloud in Your Basement: How Cooling Tech Will Reshape Data Centres

Renee McKeown
5 Min
View All >
Infrastructure

Australia’s First Integrated Kids’ Cancer Centre Completes Build

Vanessa Croll
Rob Stokes on Faith Land Housing Opportunities across australia
Exclusive

Salvation at Hand: Why Ex-MP is Championing Faith-Based Land Development

Renee McKeown
Sydney Olympics Park Upscale EDM
Residential

Office Jettisoned in Olympic Park Over-Station Rethink

Clare Burnett
Sydney Metro wants to add more apartments and storeys to one of three towers approved for the city’s north-west...
LATEST
Infrastructure

Australia’s First Integrated Kids’ Cancer Centre Completes Build

Vanessa Croll
3 Min
Rob Stokes on Faith Land Housing Opportunities across australia
Exclusive

Salvation at Hand: Why Ex-MP is Championing Faith-Based Land Development

Renee McKeown
6 Min
Sydney Olympics Park Upscale EDM
Residential

Office Jettisoned in Olympic Park Over-Station Rethink

Clare Burnett
3 Min
Retail

Former Richmond Dimmeys Expected to Top $30m

Lindsay Saunders
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/star-queens-wharf-buyout-deal-over