The deal injects immediate funds into Star’s near-empty accounts, and also relieves the company’s of further cost blowouts at the multibillion dollar resort on Australia’s east coast.
Star Entertainment Group staved off imminent collapse after the struggling Australian casino operator struck a last-minute deal to sell its stake in its new Brisbane complex to its Hong Kong partners.
Chow Tai Fook Enterprises and Far East Consortium Enterprises will pay A$53 million ($44.50 million) for Star’s stake in the Brisbane project, Far East said in a statement. The first payment of A$35 million will be made Friday.
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