It flagged the appointment of agents to sell its Brisbane casino and hotel on August 29, when it reported a $2.4 billion annual loss including a $2.2 billion write-down of its three casinos. Star is developing the huge entertainment, gaming and leisure precinct as part of a consortium that includes Chow Tai Fook Enterprises and Far East Consortium. Rhett Hammertonīoth the casino and the hotel will be offered with the potential for vacant possession – Star will vacate the casino next year when it starts operating the new casino in the nearby $3.6 billion Queen’s Wharf development behind Queens Gardens. The casino and hotel occupy two city blocks in Brisbane.
Price expectations are understood to be more than $200 million for the three-property offering that includes the Treasury Casino building, the Treasury Hotel building and the Treasury car park. Embattled casino operator Star Entertainment has appointed agents to sell its Treasury Casino complex in Brisbane, after fund manager Charter Hall decided in June not to proceed with a $248 million sale-and-partial leaseback deal announced two years ago.
