Gaming giant Star Entertainment has completed a deal to offload the Queen’s Wharf complex to its Hong Kong joint venture partners, in a deal that will allow the troubled company to continue running Brisbane’s biggest casino.
The company owned a 50 percent stake in the multi-billion dollar complex with joint venture partners Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC).
Star, which also owns casinos in Sydney and the Gold Coast, was forced to sell its stake in the Brisbane property for $53 million as part of a restructuring effort to ensure its survival as changes to debt control increased and money laundering cut income from top Asian investors.
Chow Tai Fook and Far Eastern Alliance will have an equal stake in the property, with Star continuing to manage the casino.
But owners will still have the right to change the gaming operator with three months’ notice if the company is not performing well.
Star is expected to earn $53 million from the deal, which will also hand over ownership of Brisbane’s Treasure Hotel and Charlotte Street car park to other members of the consortium.
Christopher Cheng, director and co-chief executive of Chow Tai Fook, said the deal would give the complex long-term stability.
“Having been involved in the project since its early stages, CTFE and the Far East Alliance remain committed to supporting the development of this world-class region,” he said.
The plan was first announced in March last year, but the process had stalled as the parties argued over who would run the plot after the sale.
US-based gaming giant Bally’s took control of Star in 2025 with billionaire Australian pub and pokies family Mathiesons.
Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.
James Hall is News Director at the Brisbane Times. He is a former Queensland correspondent for the Australian Financial Review and has reported for various titles across the country, specializing in political and financial reporting.Connect through X or email address.
