Star Queen’s Wharf partners terminate acquisition agreement
1st August 2025 | By Robert Fletcher
Summary
Australia’s Star Entertainment Group will retain its 50% stake in Queen’s Wharf Brisbane after joint-venture partners Far East Consortium and Chow Tai Fook Enterprises pulled out of a planned purchase agreed earlier this year. The Heads of Agreement to buy Star’s holding for AU$53 million collapsed after parties failed to meet completion deadlines and rejected a proposed extension.
The termination leaves Star responsible for its share of a roughly AU$1.4 billion debt facility and expected future equity calls of about AU$200 million. Star must repay AU$10 million received from the partners by 6 August and reimburse partners for equity contributions (around AU$31 million) by 5 September, or face transferring a one‑third interest in a Gold Coast hotel to the partners. Conversely, the partners must repay Star about AU$1 million for Gold Coast equity contributions. The original casino management agreement remains in place, and a AU$35 million prepayment plus net proceeds from apartment sales are unaffected.
Source
Source: https://igamingbusiness.com/strategy/ma/star-queens-wharf-terminate-acquisition/
Key Points
- • Star retains 50% of Queen’s Wharf Brisbane after partners withdrew from the AU$53m acquisition.
- • The Heads of Agreement fell through after missed deadlines and a rejected extension to 6 August.
- • Star must repay AU$10m and reimburse partners’ equity contributions (c. AU$31m) or transfer a Gold Coast hotel interest.
- • Partners must reimburse Star approximately AU$1m for Gold Coast equity contributions made by Star.
- • Star remains liable for its share of the project debt (~AU$1.4bn) and estimated future equity calls (~AU$200m).
- • Casino management arrangement unchanged; Star continues operating the Brisbane venue and certain payments remain unaffected.
Context and relevance
The collapse of this JV transaction is material for investors, regulators and stakeholders in the Australian gaming and property sectors. It alters ownership and funding dynamics at two major developments (Queen’s Wharf Brisbane and the Gold Coast), affects Star’s near‑term cash obligations and highlights how timing and financing risks can scupper large-scale deals.
Why should I read this?
Quick and blunt: if you follow Aussie gaming M&A, property exposure or Star’s financial health, this tells you who keeps which assets, who owes what and what could change hands if payments aren’t made. It’s the kind of outcome that can shuffle balance sheets and strategic options fast — and you’ll want to know the details.
Author style
Punchy: this is a significant blow to a major operator — we’ve stripped the legal and financial fallout down so you can see the implications straight away.