Australia’s Star Entertainment is selling its half-share in a brisbane entertainment complex to its Hong Kong partners for A$53 million (S$44.3 million) in a last-minute bailout for the cash-strapped casino group.
Star has been trying to navigate mounting pressures to avoid voluntary administration. Its ASX-listed shares have been suspended because it has not published half-year results.
The company said on Friday (Mar 7) that it would sell its 50 per cent stake in its Queen’s Wharf project in Brisbane to Far East Consortium International and Chow Tai Fook Enterprises. The casino and hotel complex was developed for A$3.6 billion, Star’s website says.
It received payment of the first A$35 million tranche on Friday, Star said.
In a separate statement, the company said it had entered into a A$250 million bridge facility with King Street Capital Management and received a separate refinancing proposal from another lender with the potential to provide total debt capacity of up to A$940 million.
Star said it was pursuing other short-term liquidity initiatives because neither the bridging facility nor the refinancing proposal will be available to address immediate requirements.
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