Australian casino operator Star Entertainment Group is selling its 50% stake and management rights in the Queen’s Wharf Brisbane integrated resort project to a joint venture formed by Hong Kong’s Far East Consortium and Chow Tai Fook Enterprises after a months-long negotiation.
The original ownership structure of the Destination Brisbane Consortium (DBC) included Star Entertainment with a 50% stake, and Chow Tai Fook and Far East each holding 25%. Following the latest agreement, both Far East and Chow Tai Fook will hold 50% of DBC. However, the deal still requires approval from the Queensland government and other regulatory authorities.
Additionally, Star Entertainment will acquire a total of 66.6% equity in the two hotels and residential buildings at the Gold Coast from Chow Tai Fook and Far East, while Far East will retain its existing development rights for future projects in the DGCC area. If Star intends to terminate these retained development rights, it must pay AUD20 million to Chow Tai Fook and Far East.
The transaction will be completed in two phases: Star will exit DBC by November 30, 2025, followed by the completion of asset exchanges in the second half of 2026, subject to certain conditions.
Far East’s Co-Managing Director, David Chiu, described this transaction as a significant milestone for the QWB project, emphasizing a strong commitment to corporate responsibility and collaboration with the Queensland government and stakeholders. Chow Tai Fook Enterprises expressed optimism about future cooperation and development in the region, pledging to work closely with the Queensland government and all stakeholders involved to ensure a smooth transition in the coming months.
