Entertainment
As The Star Entertainment Group prepares to divest its Queens Wharf casino, competitor Crown Resorts has emerged as a potential buyer. If this comes true, it would mark the latter operator’s entry into Queensland.
The Star has been looking to sell its 50% stake in Queens Wharf to its joint co-owners, Chow Tai Fook Enterprises and Far East Consortium. Each of these two companies currently owns a 25% stake in the casino property.
From then on, the property could eventually end up in another operator’s hands. As a result, Crown has emerged as a likely contender for Queen Wharf’s next operator. This could be a historic moment for the company, which does not yet have a presence in the state of Queensland.
Other operators that could potentially secure custody of the property include SkyCity and Delaware North. However, Crown, as a Blackstone-owned company, seems to be in the strongest position right now.
The Star Must Finalize the Deal with Its Joint Partners
The Star’s sale of its stake in the Queens Wharf property to its joint equity partners has been marred by certain disputes related to The Star’s financial setbacks and ability to run the casino hotel until the end of the year.
The deadline for closing the agreement was recently extended with The Star committing to pay AUD 36.5 million to its partners if it does not close it by the end of the month.
For the past few years, The Star has been experiencing a variety of regulatory setbacks that have brought the company’s eligibility to hold a casino license into question. This has sparked mistrust in the operator, affecting its stock and operations. As a result, The Star has been struggling financially for a while, with a salvation finally appearing in the form of a deal with Bally’s.
Read More
Fiona Simmons