Star Entertainment Group has knocked back several offers to purchase its stake in its Brisbane Queen’s Wharf complex that would ease crippling financial woes putting the company on the brink of collapse.
Sydney casino's events space for $40m lessThe Queen’s Wharf precinct is 50 per cent owned by Star while Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium both have 25 per cent stakes.
Star has knocked back"several" bids to try and purchase its stake in the Queen's Wharf precinct. Picture: John Gass/NCA“The Board of The Star has assessed each of the CTFE and FEC Proposals received to date, and after careful consideration concluded that none of the proposals have provided sufficient value for The Star,” Star said.
The Australian company’s share price was over $4 and rising when it entered the deal, but has plunged to about 13 cents as of Monday.revealed it had suffered another revenue dropThe company had just $78m left as of December 31 after churning through $107m over the previous three months. In September, Star revealed it had secured upwards of $200m in a loan package to be handed down in two tranches.
Star Entertainment Group Queen’S Wharf Steve Mccann Star Casino Far East Consortium
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