The troubled gaming company has ended months of speculation, pocketing a much-needed $60.7 million from selling its Brisbane property to Griffith University.
Star Entertainment has sold its former Treasury Casino property in Brisbane as the embattled gaming giant scrambles for fresh financing and a tax reprieve to manage cost blowouts at its new Queen’s Wharf development.
Star chief executive Steve McCann remains locked in negotiations with the NSW and Queensland state governments and Star’s lenders in an attempt to find $300 million to secure the casino group’s short-term finances.But Queensland remains poised to gift a deferral of tax owed, with Premier Steven Miles saying another public bailout would support 1400 jobs linked to the ailing precinct, which only opened its doors in late August.
Griffith University Vice Chancellor Carolyn Evans said the acquisition of the Treasury site would expand the institution’s presence in Brisbane. It is expected the new business, information technology and law campus will become a base for 7000 students and 200 staff by 2035.“This flagship location will not only complement our existing South Bank campus but will enhance Griffith’s profile both locally and globally, making it an iconic hub of learning and engagement.
Market sources said the added costs would have put Star in breach of a loan repayment rule requiring it to have a $100 million liquidity buffer.
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