Star Entertainment Finalizes Deal to Sell Queen’s Wharf Brisbane Casino Resort
Posted on: August 12, 2025, 10:04h.
Last updated on: August 12, 2025, 10:10h.
- Star is selling its 50% stake in The Star Brisbane
- The buyers of the Queen’s Wharf casino are major Star shareholders
- Star remains in financial turmoil
Star Entertainment has reached a deal to sell its 50% stake in Queen’s Wharf Brisbane.
After months of speculation and negotiation, Star, one of two casino operators in Australia with Crown Resorts, has agreed to dispose of its ownership in The Star Brisbane. The buyers are Chow Tai Fook Enterprises and Far East Consortium, which are the two largest shareholders of the publicly traded Star Entertainment Group.
Chow Tai Fook and Far East will pay Star AU$53 million (US$34.5 million) for the position. A notice filed with the Australian Securities Exchange says Star has already received AU$45 million of the transaction. The remaining AU$8 million is due by Nov. 30, 2025.
As part of the terms, Star won’t be required to make any further debt payments related to The Star Brisbane. The company says that will save at least AU$212 million. The Queen’s Wharf property’s debt is currently around AU$1.4 billion.
Once the transaction is completed, Star will cease managing the casino and resort. Chow Tai Fook and Far East will be responsible for finding a successor, though Star is required to comply with certain “transition protocols.”
Bally’s Approval
In April, the cash-strapped Star agreed to sell a controlling stake to US-based Bally’s Corporation. The Bally’s rescue package includes paying Star AU$300 million for a 57% stake in The Star Sydney and The Star Gold Coast operator.
In the ASX release announcing the Queen’s Wharf divestiture, Star acknowledged that Bally’s approved of the sale. Its other primary lender, Investment Holdings, also signed off.
The Star has received the consent of its subordinated lenders, Bally’s Corporation and Investment Holdings Pty Ltd., to support the transaction on the basis of the executed terms,” the announcement read.
The Star’s financial woes stem from numerous government inquiries in recent years that concluded the gaming giant did little to keep seedy characters off its casino floors. Star was accused of — and later admitted to — failing to adequately protect its casino cages from being used by criminal syndicates to launder dirty money.
Star was also determined to have recruited high rollers allegedly linked to criminal or foreign-influenced enterprises. As a result, Star was fined more than AU$200 million by government regulators. AUSTRAC, or the Australian Transaction Reports and Analysis Center, the country’s financial intelligence agency, is considering an additional fine on the casino.
Negotiations Finalize
The Star had been seeking to sell Brisbane for many months. Casino.org reported in March that a tentative deal with Chow Tai Fook and Far East had been reached, with the terms at AU$53 million.
This week’s conditions, however, include Star acquiring the combined 67% position held by Chow Tai Fook and Far East in two hotels and residential towers located at The Star Gold Coast. The properties are the Dorsett and Andaz. Star additionally acquires first dibs on future towers at the Gold Coast complex.
Dorsett Gold Coast has 313 hotel rooms. Andaz has 202 keys.
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