Star Completes Brisbane Casino Stake Sale to Ease Debt Burden

Star sells Brisbane stake at fire-sale price to ease debt burden

Deal eliminates $1.4bn debt but cuts long-term revenue potential

Gold Coast consolidation follows Bally’s-backed rescue and refinancing efforts

Star Entertainment (ASX: SGR) has officially disposed of its ownership of the $3.6 billion Queen’s Wharf Brisbane, selling its 50% stake for just $53 million to its joint venture partners, Chow Tai Fook Enterprises (CTFE) and Far East Consortium International (FEC). Queen’s Wharf Brisbane, above. Star Entertainment Group has now exited the AU$3.6 billion project, selling its 50% stake to its joint venture partners. (Image: Queen’s Wharf Brisbane) Despite what some analysts have described as a fire-sale deal, the agreement is seen as a crucial boost for Star, which has struggled through a severe financial crisis in recent years. Raw Deal? The terms are a mixed bag for the company. On one hand, it will allow it to eliminate a debt burden of AU$1.4 billion (US$900 million) tied to the Brisbane development, while also securing a monthly operating fee for continuing to manage its casino. But that fee, AU$18 million per year, is far short of the $60 million that was negotiated last year. Star could also earn a performance-based incentive fee based on gaming revenues, but at the same time CTFE and FEC have the right to terminate the management contract at any time with just 90 days’ written notice.

Star had been in talks with CTFE and FEC since February 2025, and at times the deal appeared to be on the ropes, with the buyers threatening to walk.

The second stage of the transaction will see the transfer of CTFE’s and FEC’s interests in the Star Gold Coast casino – around an hour’s drive south of Brisbane – to Star, essentially consolidating the company’s Queensland operations around a single asset. The deal has also helped Star secure a $550 million refinancing package as part of an agreement struck in February with US credit investor WhiteHawk Capital Par