Star sells off Brisbane’s Queen’s Wharf to Hong Kong consortium partners
Gaming giant Star Entertainment has completed a deal to transfer the Queen’s Wharf complex to Hong Kong consortium partners; The deal will see the embattled company continue to operate its sprawling Brisbane casino.
The company held a 50 percent stake in the multibillion-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 a spiral of debt and money laundering regulatory changes cut into income from high-net-worth Asian investors.
Chow Tai Fook and Far East Consortium will hold equal shares in the property, while Star will continue to manage the casino.
However, the owners will reserve the right to change the gaming operator with three months’ notice if the company underperforms.
Star is expected to earn $53 million from the agreement, which will transfer ownership of the Treasury Hotel and car park in Brisbane and the Charlotte Street car park to other consortium members.
Christopher Cheng, director and co-chairman of Chow Tai Fook, said the deal would provide long-term stability for the complex.
“Involved in the project from its early stages, CTFE and the Far East Consortium are committed to supporting the continued development of this world-class destination,” he said.
The deal was first announced in March last year, but the process was stalled as the parties argued over who would operate the complex after the sale.
US-based gaming giant Bally’s took control of Star in 2025, together with billionaire Australian pub and slot family Mathiesons.
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James Hall is News Director of the Brisbane Times. He is a former Queensland correspondent for The Australian Financial Review and has covered a range of headlines across the country, specializing in political and financial reporting.Connect with: X or email.
