Crown Resorts looks to assume control of Star’s Queen Wharf casino
Chow Tai Fook Enterprises and Far East Consortium could be planning to hand over control of the development to Crown.
Key points:
– Crown Resorts could be set to take over Star Entertainment’s Queen Wharf casino
– Chow Tai Fook Enterprises and Far East Consortium have acquired the remaining 50% stake in the development
– The pair are now exploring multiple options for the running of the hotel and casino, with Crown reportedly being the preferred choice
Star Entertainment’s Brisbane-based hotel and casino development, the Queens Wharf precinct, is set to be acquired by Chow Tai Fook Enterprises and Far East Consortium – who each currently own a 25% stake in the property.
Indeed, the remaining 50% stake is set to be acquired by the pair in a move that could reportedly see operational control of the hotel and casino location handed over to Crown Resorts. If Crown is to take over the location, the move would mark its first foray into the state market of Queensland.
However, Crown is not the only option currently being explored by the joint consortium – as Delaware North and SkyCity Entertainment are also in the running. Crown’s long-standing operational experience in the Australian market, paired with significant financial backing from Blackstone after its AU$8.9bn (US$5.82bn) takeover in 2022, most likely place the operator as the favourite to take over the location early next year – as per the current timeline for the deal.
Although the sale of Star’s 50% stake to Chow Tai Fook Enterprises and Far East was finalised in April, the three have remained in dispute over the handover as the latter pair hold little faith in Star’s ability to continue running the hotel and casino for the remainder of the calendar year. As such, Star must pay AU$36.5m to Chow Tai Fook Enterprises and Far East Consortium if the deal is not officially closed by the end of this month.
Good to know: Bally’s recently entered into a binding agreement with Star Entertainment for a strategic capital investment of AU$300m, as the Australian operator remains in financial difficulty
Last month, Crown Resorts announced the finalisation of its Mayfair Casino sale to Wynn Resorts, following regulatory approval from the UK’s Gambling Commission. Located in London’s West End, the prestigious private members’ gaming club was originally established in the 1960s and will now fall under Wynn’s operational jurisdiction.
Elsewhere, last week it was announced that Crown Perth had successfully passed its regulatory review by the Western Australian Government, allowing the operator to retain its casino licence in the region.
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