Gambling company The Star Entertainment Group will raise $490 million from its Hong Kong-based partners as part of a tie-up that will reduce its exposure to the cost of new casinos and hotels and allow a dividend boost to investors.
The company said on Thursday that leisure conglomerate Chow Tai Fook and developers Far East Consortium would each acquire a 4.99 per cent stake, for $245 million each.
The new alliance further beds down the relationship, which began with The Star’s winning bid in 2015 to redevelop the new Brisbane casino. Since then the three players have jointly bought the Sheraton Grand Mirage Gold Coast and work on a redevelopment of The Star Gold Coast.
The agreement also opens the door for the two firms to …
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