Embattled casino group Star Entertainment will stay alive, for now, after securing a $53 million lifeline in return for selling its 50 per cent stake in the new Brisbane casino.
Star has been in talks with the owners of the other half of Brisbane’s Queen’s Wharf development — Hong Kong investors Far East Consortium International and Chow Tai Fook Enterprises — since mid-February.
On Friday afternoon, Far East Consortium confirmed a deal had been struck, in a filing to the Hong Kong stock exchange.
Under the deal, in return for Star Entertainment’s 50 per cent stake in the Queen’s Wharf precinct, it will acquire the Hong Kong parties’ two-thirds stake in the Gold Coast project.
Star shares have been suspended from trade on the Australian Securities Exchange since Monday, after the company failed to submit its half-year accounts.
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