Chow Tai Fook Enterprises

The Star Entertainment Group has agreed to sell its 50% stake in The Star Grand Brisbane to its two largest shareholders, subject to regulatory approval. It has also secured a A$250 million bridge loan from US investor King Street Capital Management. The announcements follow reports that the casino operator could run out of cash within days.

4m ago

Star Entertainment has agreed to sell its 50% interest in Queen's Wharf Brisbane to Chow Tai Fook Enterprises and Far East Consortium for AU$53 million. According to an ASX notice, Star will be released from further debt payments tied to the project and will stop managing the casino resort. The deal also gives Star the buyers' stakes in two Gold Coast hotel towers.

5m ago

The Star Entertainment Group has failed to complete the sale of its 50% stake in the Destination Brisbane Consortium, and its Hong Kong partners have terminated the deal. The Star now faces demands to repay A$41 million in proceeds and equity contributions, with the first instalment due on 6 August. The company's share price fell by as much as 16.4% on the ASX at one point.

5m ago

Star Entertainment Group has reached a new binding agreement to sell its 50% interest in the Destination Brisbane Consortium to its Hong Kong joint venture partners. The deal revives an arrangement that had collapsed, and its terms broadly match the one signed in March. Both stages remain subject to regulatory approval, according to the report.

5m ago