March 7 (Reuters) – Australia’s Star Entertainment (SGR.AX) on Friday said it has yet to reach an agreement to sell its 50% stake in the brisbane joint venture to its Hong Kong-based shareholders, as it navigates mounting pressures to avoid voluntary administration.
The Australian Financial Review reported that Star is considering offloading its newly-opened Brisbane casino and entertainment complex as part of a potential deal with Chow Tai Fook Enterprises and Far East Consortium (0035.HK).
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The move would come at a time when the embattled company is seeking critical funding to stabilize its finances.
Earlier this week, Star announced it would delay the release of its interim financial results until a rescue financing package is secured, with its shares remaining suspended from trading.
Star currently has debts of A$400 million ($253.4 million), while the Queen’s Wharf project — its flagship Brisbane development — has additional debts of A$1.6 billion.
The ambitious project, initially launched in 2015 as a partnership between Star, Chow Tai Fook, and Far East, was originally projected to cost A$2.6 billion.
The company’s financial woes and the potential sale of its Brisbane assets…