The Star agrees extension with partners to finalise Destination Brisbane Consortium deal
The Star Entertainment Group has agreed an extension with its joint venture partners, Chow Tai Fook Enterprises Limited and Far East Consortium International to extend the termination date of the
HoA to July 31 2025 for The Star’s ownership interests in the Destination Brisbane Consortium (DBC),
Destination Gold Coast Consortium (DGCC) and other assets.
The Star stated: “The parties have this morning agreed a set of principles under which there will be certain departures from the HoA, subject to which the parties will now progress their negotiations with a view to finalising long form documents. The effect of this extension is that the provisions of the HoA will remain on foot while the parties continue to negotiate long form documents, except that The Star will be obliged to make the following payments to the Joint Venture Partners if long form documents are not entered into by the Revised Termination Date.”
The Star must repay $10m of proceeds it received from the Joint Venture Partners. This amount is payable within 30 days of today’s date. The Star must reimburse the Joint Venture Partners for its share of equity contributions that have been made by the Joint Venture Partners to DBC since 31 March 2025. This amount is currently anticipated to be approximately $26.5m and is payable within 60 days of today’s date. The Star will provide an update if there are further material developments with respect to its negotiations with its Joint Venture Partners, including any material changes to the HoA which are agreed as part of the long form documents.
