Star Entertainment has salvaged a lifeline deal to offload its stake in the Brisbane Queen’s Wharf development to overseas partners, less than two weeks after a breakdown in talks.
The embattled casino giant confirmed it had struck a binding agreement with its Hong Kong-based joint venture partners Chow Tai Fook Enterprises and Far East Consortium.
The deal, which was almost identical to an earlier agreement in March, will result in Star selling its 50 per cent share of the Queen’s Wharf development in exchange for $53 million.
Generic Star Entertainment Group exterior. (AFR/Louie Douvis)
Star will also transfer the partners the Brisbane Treasury Hotel and a CBD carpark, while securing full ownership of the Gold Coast precinct.
The deal has been approved by US casino giant Bally’s Corporation, which offered Star a $300 million rescue package to stave off administration.
The Queen’s Wharf transaction will take place on November 30.
The Gold Coast and other Brisbane assets will be subject to a separate set of conditions expected to be met as early as July 1, 2026.
Trading on the ASX has been temporarily paused in the meantime. 
The Star Casino at Darling Harbour, Sydney, Monday 19th of February 2024. (Dion Georgopoulos/AFR)
Today’s announcement comes after the three parties failed to reach an agreement on August 1, which left shares to plummet to 9 cents.
Star was left liable for its $1.4 billion debt and was poised to pay back the partners $41 million.
At the time, Star had tried to extend negotiations to August 6 but was rejected by the partners.
Star runs casinos in Brisbane, the Gold Coast and Sydney and but has struggled to stay afloat in the past year
The troubled operator is awaiting a court decision over alleged breaches of anti-money-laundering laws, and could owe hundreds of millions of dollars.