Overview

• Far East Consortium and Chow Tai Fook issued Star a June 30 notice to terminate the March heads of agreement on selling its 50 percent Queen’s Wharf Brisbane stake, effective in five business days.
• Under the aborted pact, the Hong Kong investors would have paid A$53 million for Star’s stake and swapped a 66.67 percent Gold Coast casino interest to the company.
• Star has affirmed its willingness to resume negotiations with joint venture partners to complete the Destination Brisbane Consortium transaction.
• The company is depending on a $300 million rescue package approved by shareholders and backed by Bally’s Corporation and Bruce Mathieson to shore up liquidity.
• Star also faces a potential AUSTRAC penalty of up to $400 million in a court case alleging money laundering breaches.