Star Entertainment Group sells off Queens Wharf share
The Star Entertainment Group has completed the first stage of its previously announced asset sale, exiting its interest in the Destination Brisbane Consortium (DBC), the entity behind the Queen’s Wharf Brisbane integrated resort.
The move forms part of a broader transaction with joint venture partners Chow Tai Fook Enterprises and Far East Consortium, initially agreed in August 2025, as the embattled casino operator continues efforts to stabilise its balance sheet.
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Under the two-stage deal, Stage 1 relates to The Star’s exit from DBC, while Stage 2 will cover the disposal of additional assets, including its interests in the Gold Coast joint venture and the Treasury Hotel in Brisbane.
As part of the revised commercial terms, The Star will receive a fixed annual casino operator fee of $18 million, paid monthly, replacing previous arrangements. The agreement also includes a performance-based incentive component linked to earnings, alongside a newly introduced termination right allowing DBC to end the casino management agreement under certain performance conditions with 90 days’ notice.
Completion of Stage 1 satisfies a key condition precedent tied to The Star’s new financing facilities with WhiteHawk, enabling the release of the company’s guarantee on Queen’s Wharf debt obligations.
The Star said the remaining elements of the transaction remain subject to separate conditions, with both parties continuing to work towards completion of Stage 2, which is expected to finalise the group’s broader Brisbane asset divestment strategy.
While Star Entertainment Group will remain running the Queens Wharf venue, this could change in the future, with rumours about Crown Resorts and foreign-backed casino companies showing interest.
