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Star Entertainment has completed the sale of its 50% stake in the Queen’s Wharf Brisbane casino and entertainment complex for $53 million to its joint venture partners, Chow Tai Fook Enterprises (CTFE) and Far East Consortium International (FEC). The deal eliminates a $1.4 billion debt tied to the project, providing much-needed financial relief for the struggling operator.
The terms of the agreement are a mixed bag for Star. While the sale wipes out a significant portion of its debt, the operator will continue managing the casino under a reduced $18 million annual fee, down from the $60 million previously negotiated. The management contract can also be terminated with just 90 days’ notice, leaving Star’s future revenue uncertain. Performance-based incentive fees tied to gaming revenues offer some upside, but the long-term financial benefits are not guaranteed.
As part of the deal, Star will also acquire CTFE and FEC’s interests in the Star Gold Coast casino, consolidating its operations in Queensland around a single asset. This move follows a $550 million refinancing package secured earlier this year with WhiteHawk Capital Partners to restructure debt and improve liquidity.
Star Entertainment’s financial crisis was triggered by anti-money laundering (AML) breaches and corporate governance failures, leading to license suspensions and the collapse of its high-margin VIP gambling business. At its lowest point, the company had just $79 million in cash, barely enough to cover weekly operations. Insolvency was only avoided in November 2025 through a $300 million capital injection from Bally’s Corporation and the Mathieson family, who now hold significant stakes in the company.
The sale of the Brisbane stake reflects the harsh financial realities Star has faced. While the move eliminates a massive debt burden, it also highlights the sacrifices the company has had to make to ensure its survival and long-term stability.
