Hong Kong investors to bail out Australia’s Star Entertainment, AFR reports

CASINO operator Star Entertainment will dispose of its Brisbane-based casino and save itself from going into voluntary administration under a new deal with its Hong Kong investors, the Australian Financial Review reported on Thursday.

Chow Tai Fook Enterprises and Far East Consortium, which are joint investors in the company’s Queen’s Wharf precinct in Brisbane, are on the brink of providing a loan worth up to A$50 million (S$42.2 million) to Star, AFR reported, citing sources with direct knowledge of the matter.

Last month, Star received separate offers from the two Hong Kong investors to acquire a 50 per cent interest in the Destination Brisbane joint venture, but said none of the proposals have provided “sufficient value” for the company and that it continues to negotiate with the parties. REUTERS