The Star Entertainment Group announced in an ASX release that it has completed the previously announced disposal of its interest in Destination Brisbane Consortium (DBC). The deal, which sees The Star sell its stake in Queen’s Wharf Brisbane, has some downsides, but will ultimately reduce The Star’s debt amid a turbulent period.
The Star Exits the DBC
In its announcement, The Star said that it has completed the sale of its interest in the DBC, which includes its 50% stake in Queen’s Wharf Brisbane, to its joint venture partners, Chow Tai Fook Enterprises (CTFE) and Far East Consortium International (FEC). The sale completed The Star’s exit from the DBC, albeit at somewhat mixed terms.
As a result, CTFE and FEC will…