Star Entertainment Faces Uncertainty After Partial Brisbane Casino Sale
The embattled casino operator secures $53 million in a deal with Hong Kong investors but remains on the brink of collapse due to mounting financial and regulatory pressures.
- Star Entertainment has sold its 50% stake in Brisbane's Queen's Wharf casino to Chow Tai Fook Enterprises and Far East Consortium for $53 million, pending regulatory and lender approvals.
- The sale provides a short-term financial lifeline, allowing Star to continue paying its 8,000 staff and avoiding immediate administration.
- The casino operator's financial troubles stem from debt exceeding $400 million, legal challenges, and fines related to money laundering and criminal association allegations.
- Star's share value has plummeted from a peak of $5 billion to just 11 cents per share, with trading suspended due to delayed financial disclosures.
- Questions remain about the long-term viability of the company and the suitability of Chow Tai Fook Enterprises as a major casino operator, given past controversies.
9News 
CNA 
The Sydney Morning Herald 
Australian Broadcasting Corporation 
ReadWrite 
South China Morning Post 
