The Star had a 50 per cent stake in the Destination Brisbane Consortium, which owns the Queen’s Wharf precinct, including The Star Brisbane casino, an event centre with capacity for up to 1,800 attendees, and multiple accommodation options – with more to come.
After a first failed attempt to dump its Brisbane investment, The Star secured an exit deal last August, with the company trading its share in Queen’s Wharf to its consortium partners Chow Tai Fook Enterprises and Far East Consortium, who each owned a quarter of the precinct.
In return for its share in Queen’s Wharf, The Star received $53 million and is set to take full ownership of The Star Gold Coast, although this part of the transaction is still to come.
The divestment of its Queen’s Wharf interest also released The Star from equity payments to the Destination Brisbane Consortium of at least $212 million, at a time when it has been struggling with an existence-threatening lack of cash.
As part of its completed Queen’s Wharf deal, The Star noted that there had been a change to the fee it will receive as the current operator of The Star Brisbane casino.
Pending approvals, instead of a previously agreed $5 million per month, The Star will receive $18 million a year, alongside a “performance-based incentive fee”.
The second stage of the deal struck last August will see The Star Entertainment Group take full control of The Star Gold Coast, in which Chow Tai Fook Enterprises and Far East Consortium are also the other two consortium partners. The second phase of the deal also involves The Star handing over a couple of other Brisbane assets, including The Treasury Hotel.
Part two of the deal is expected to complete in the second half of 2026, with a sunset date at the end of March 2027.
