Star Entertainment Group’s Hong Kong partners are reportedly looking to replace Star with its local rival Crown Resorts as operator of the casino at Queen’s Wharf Brisbane should the partners complete a deal to acquire Star’s 50% stake in the integrated resort.
According to the Australian Financial Review, Chow Tai Fook Enterprises and Far East Consortium, who each own 25% of Queen’s Wharf, want to replace Star as casino operator by early 2026.
SkyCity Entertainment Group, which operates SkyCity Adelaide, and American hospitality firm Delaware North, which operates Darwin’s Mindil Beach Casino & Resort, have also been named as potential casino operators for the Brisbane precinct.
However, the AFR report says that Chow Tai Fook and Far East Consortium prefer Crown due to it having recently satisfied regulators in multiple other states, according to an unnamed source.
“The Queensland regulator would prefer an operator like Crown that can clearly meet probity and suitability requirements,” the source is quoted as saying.
Crown was also one of Star’s competitors in the bidding process to develop Queen’s Wharf a decade ago and had been considered a favorite before Star was ultimately awarded the contract.
A preliminary deal struck between Star and the Hong Kong partners in March was to see them acquire Star’s 50% stake in Brisbane – and all associated debt – for AU$53 million, with Star to take over the partners’ interest in two hotel and residential towers at The Star Gold Coast. As part of the deal, Star would continue operating the Brisbane casino until at least March 2026.
That deal fell through earlier this month although Star recently confirmed that discussions were ongoing to try and lock in a new deal before the end of July – part of the company’s efforts to generate enough liquidity to stay afloat.
An AU$300 million rescue package from Bally’s Corp and Investment Holdings is not dependent on the Brisbane deal going ahead.
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