Star Entertainment Queen’s Wharf exit ‘unlikely’

Star Entertainment’s sale of the Queen’s Wharf has hit another hurdle as the troubled casino operator revealed mounting quarterly losses.

Embattled casino operator Star Entertainment has announced the sale of its Queen’s Wharf precinct is “unlikely” to go through by July 31.

In the latest blow, Star told the ASX that the sale of the hotel and entertainment complex to Hong Kong investment partners was on the rocks again.

Chow Tai Fook Enterprises and Far East Consortium each own 25 per cent of the Queens’s Wharf and announced back in March they would buy Star’s remaining 50 per cent in the development.

But in early July, the deal threatened to collapse before Star Entertainment announced that it would repay $10m of the proceeds from the joint venture partners if an agreement wasn’t reached by July 31.

Star said the sale of its Brisbane Queen’s Wharf was ‘unlikely’. Picture: NewsWire / Glenn Campbell

In its quarterly activities report released on Wednesday, Star said the deal was “unlikely” and it would have to pay back $10m of the $45m it had received from the joint venture before paying an additional $26.5m by September 5.

“However, in The Star’s view, based on the current status of discussions, it is unlikely that the parties will be in a position to finalise long-form documents by 31 July 2025,” Star Group said.

“The consequences of this potential outcome are discussed below, unless the parties agree otherwise.”

Star Entertainment results also showed the business lost more money in the June quarter.

The Star lost $27m in the last quarter compared with $24 in the previous quarter, with the Queen’s Wharf being responsible for $15m in lost earnings.

Star said its cash position had improved over the last quarter. Picture: NewsWire / Glenn Campbell

Revenue came in slightly higher up to $270m in the fourth quarter to June 2025 compared with $268m in the previous quarter.

As of June 30, 2025, Star had $234m in cash and $269m in cash equivalents, an improvement on the $44m it had on March 31.

The improving cash balance comes after US casino giant Bally’s lobbed a $300m takeover bid for majority control of Star on April 7.

Star Entertainment received $100m on April 9 before receiving a further cash injection of $133m on June 27.

It will receive the remaining $67m on October 7.