Market Chatter: The Star Entertainment Group Nears Deal to Sell Queen's Wharf Stake to Hong Kong Partners

MT Newswires Live

03-06

The Star Entertainment Group (ASX:SGR) is nearing a deal to sell its stake in Queen's Wharf in Queensland to its Hong Kong-based partners Far East Consortium and Chow Tai Fook for up to AU$50 million as the troubled firm seeks to avoid going into administration, The Australian reported Thursday.

Chief Executive Steve McCann and UBS are working together on the deal on behalf of the gaming firm with Barrenjoey.

Star owes AU$430 million to a syndicate of lenders and also needs to pay back half the AU$1.6 billion of debt on its new Queen's Wharf hotel and casino complex development in Brisbane.

Star had received proposals for its stake in Queen's Wharf in February but it had concluded that none of them provided sufficient value for the company.

The firm's shares remain suspended by the ASX after the company failed to file its half-yearly accounts.

The Star Entertainment Group did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SGR.AU","symbol_name":"STAR ENTERTAINMENT GRP LTD/T","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2517188147","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2517188147","pubTimestamp":1741241123,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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