Australia's Star Entertainment receives bids for its Brisbane joint venture (updated)

Far East Consortium International

09/02/2025 23:15

(Adds details and background from paragraph 2 onwards)
       Feb 10 (Reuters) - Australia's Star Entertainment Group
 SGR.AX  said on Monday it has received offers from its Hong
Kong investors to acquire a 50% interest in the embattled casino
operator's Destination Brisbane Joint Venture.
    Destination Brisbane Consortium is a joint venture between
Star Entertainment and its Hong Kong partners, Chow Tai Fook
Enterprises and Far East Consortium. It operates Queen's Wharf
Brisbane which includes luxury hotels and restaurants, among
other amenities.
    The casino operator said none of the proposals have provided
"sufficient value" for the company and that it continues to
engage with the both the parties to negotiate the proposals.
        The announcement came as response to recent media report
relating to the proposed offers.
  
        
    Last month
    , Star said it would divest its Star Sydney Event Centre
assets to theater owner and operator Foundation Theatres for
A$60 million ($37.5 million) as it undergoes a cash and
liquidity crunch.
  
        Since 2021, Star has been embroiled in a slew of
government probes over possible breaches of anti-money
laundering and counter-terrorism laws at its Sydney and
Queensland casinos.
  
    ($1 = 1.5997 Australian dollars)
  

 (Reporting by Sherin Sunny in Bengaluru; Editing by Richard
Chang and Lincoln Feast.)
 ((Sherin.Sunny@thomsonreuters.com))