The news: The Star Entertainment Group has completed its disposal of its interest in the Destination Brisbane Consortium to the other joint venture partners Chow Tai Fook Enterprises and Far East Consortium International.
The context: Star announced it had entered binding long-form documentation with Chow Tai Fook Enterprises and Far East Consortium International on 12 August 2025 to exit its 50% stake in the Queen’s Wharf casino and entertainment complex in Brisbane.
Star has now completed stage one of the transaction, which involves its exit from its interests in the Destination Brisbane Consortium (DBC), the owner of the Queen’s Wharf Brisbane Integrated Resort.
There is also a further adjustment to the DBC casino operator fee due to the Star’s DBC Casino Management Agreement. This will be a fixed annual fee of $18 million that will be paid on a monthly basis with an additional two component performance-based incentive fee.
DBC will also have a new performance termination right under the Casino Management Agreement.
A new financing facility secured from WhiteHawk Capital Partners was conditional on the completion of stage one of the agreement with the joint venture partners.
Stage two relates to the disposal of interests in the Destination Gold Coast Consortium, the owner of the Gold Coast joint venture assets and other assets in Brisbane that Star owns or partially owns. Conditions for the completion of stage two are expected during the second half of calendar year 2026 and no later than 31 March 2027.