Star Entertainment completes sale of stake in Queen’s Wharf to Hong Kong partners ABC News

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It is also specualated Blackstone will only intervene if the company collapses. Hard Rock International was said to be weighing a bid for the struggling company, but they subsequently stated that they were not looking into acquiring Star Entertainment. It already settled with and withdrew CFO Harry Theodore on misleading the National Australia Bank on its ATMs being used to funnel the money, with the penalty yet to be calculated.
In addition to Queen’s Wharf, the Hong Kong partners will also take over Star’s ownership of the Treasury Hotel and car park, and the Charlotte Street car park. Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC) separately confirmed the deal on Wednesday morning. Two Hong Kong investors have become the sole owners of Brisbane’s Queen’s Wharf after Star Entertainment completed its exit from the project. Star Entertainment has given up its 50 per cent share in Queen’s Wharf.
The company re-deployed corporate staff to offices at its casino sites in Sydney, Gold Coast, and Brisbane. In January 2026, Star announced it would be closing its Brisbane CBD corporate office as part of a cost-cutting initiative. For the unrelated former Canadian online gambling company, see The Stars Group. Star told investors in August it had finally signed an on-again, off-again deal with the controversial Hong Kong partners. Far East Consortium (FEC) is an international property developer that commenced operations in Australia in the mid 1990s. It is one of Asia’s largest diversified conglomerate with interests in real estate, consumer and hospitality sectors globally and a proven track record in long-term tourism and infrastructure investments.
In 2021 a joint report by the Sydney Morning Herald the Age, and the television program 60 Minutes, found that Star management had been warned that its anti-money laundering controls were inadequate and that between 2014 and 2021 Star had attempted to recruit high rollers who were allegedly linked to criminal or foreign-influence activities. Star Entertainment eventually sold their stake in the property on 12 August 2025. Echo has two Hong Kong–based joint venture partners Chow Tai Fook Enterprises and Far East Consortium. The Star Entertainment Group Limited is an Australian gambling and entertainment company. “Having been involved in the project from its earliest stages, CTFE and Far East Consortium remain committed to supporting the continued development of this world-class destination.” A Queensland government report that upholds the ABC’s revelation that a Brisbane no deposit bonus payid casino owner had a “concealed relationship” with a criminal junket boss. CTFE and FEC will each take a 50 per cent stake in the Destination Brisbane Consortium.
Growth in inbound tourism has been driven by Asia, particularly China where the more affluent middle-class, already at significant scale, continues to expand. A sustainable tourism and business opportunity underpins The Star Entertainment Group’s transformational projects at The Star Gold Coast, Queen’s Wharf Brisbane and in Sydney. Our vision, to become Australia’s leading integrated resort company is underpinned by multi-million-dollar projects across Brisbane, Gold Coast and Sydney. The Star Entertainment Group announced on 5 April 2016 share sale facilities that provided eligible small shareholders the opportunity to sell their shares without incurring any brokerage or handling costs. With the company asking for financial support from the states, the states have reiterated their hesitancy to contribute, with NSW premier Chris Minns saying they are not using their taxpayer money on casinos rather than roads, EDs and schools. The company is reported to be waiting for access to proceeds from its asset sales, which are currently waiting for state approval, as well as a separate “bridge loan”, before it can refinance itself. By February 2025, it was reported by Sky News Australia that Star Entertainment “could enter administration within a week”.
The Star’s projects, together with its partners, will also create thousands of jobs locals, both in construction and once the developments are operational. Together, these projects will transform the cities in which we operate and deliver significant economic and tourism benefits to our local communities. citation needed The company was also able to sell Queen’s Warf, receiving multi million dollar installments and fees to stave off administration, following conflicting reports of collapsed negotiations. Ross Greenwood who is the business editor at Sky News reported “Sources close to the financially troubled Star Entertainment have revealed to us that the company could enter administration within a week as its cash reserves again run dry”. On 7 March the company agreed to sell its stake in Queen’s Wharf for only $53m in installments, but the deal collapsed.
Executive director of FEC Wendy Chiu said the deal represented the company’s view of Brisbane as a “global city”. Star is expected to pocket $53 million in the deal, along with taking stakes in Gold Coast hotels near its casino there. The deal sees Star give up its 50 per cent stake in the consortium, with CTFE and FEC becoming equal 50 per cent partners. Chow Tai Fook Enterprises has significant financial capacity to support large scale international development and highly complementary VIP relationships in Greater China and Asia. Delivered in December 2020, the NSW Government’s “Pyrmont Peninsula Place Strategy” maps out future growth in the local area and how it relates to the local community, local businesses, tourism and entertainment.
Eligible shareholders who wished to sell their shares under the Voluntary Share Sale Facility were required to return a Sale Instruction Form by the Closing Date. Based on a share price of $5.68, being the closing price of The Star Entertainment Group (SGR) shares on the Australian Securities Exchange on the Record Date, an Unmarketable Parcel was any holding of 88 shares or less. It was an absolute joy to see the collaboration from all the stakeholders and how their team welcomed them with open arms. The company was at risk of entering administration in early March before securing a $200 million loan. It reportedly has spent $50 million in a month over just $75 million cash at hand in the previous report. On Monday 3 March, the company was placed into a compulsory second trading halt by the ASX after not posting its half-yearly earnings in the end, putting such deals in jeopardy as a result and thousands of jobs at risk as a collapse is potentially imminent.