In October 2021, the casino company announced a deal to sell Treasure Brisbane for a total of A$248 million (US$168.7 million) and partially lease it to Charter Hall. Assets such as Treasury Hotels, Treasury Casinos and Queens Gardens parking lots were to be held in the flagship Charter Hall Prime Office Fund.
“Star has learned that Charterhall is no longer willing to proceed with the proposed deal,” Star Entertainment said in a filing with the Australian Stock Exchange. 파친코
“The rationale for this is that the terms and conditions have not been met by that date, subject to the terms of the contract,” it added. “Hunter Hall refused to extend the date to meet the conditions.”
“Star is considering options across the board in relation to this,” the casino operator said.
Star Entertainment also owns and operates the Star Sydney Casino Hotel in New South Wales and another gaming venue in Queensland on the Star Gold Coast.
The casino company is also involved in the development of the Queen’s Wharf Brisbane plan. Brisbane Casino Resort is being developed by the privately owned Destination Brisbane Consortium, with two partners based in Hong Kong and Star Entertainment making joint ventures: Chow Tai Fook Enterprises Ltd, and Far East Consortium International Ltd.
The new Queen’s Wharf project has been delayed several times in recent months and is now expected to open in April 2024.
In March, Casino Group raised A$800 million in new group funds to “deliver key strategic priorities and meet capital requirements” already provided.
In a separate filing on Tuesday, Star Entertainment said it had received a moratorium from a major tax hike on gaming revenue at Sydney casinos, flagging that the New South Wales government would delay the increase it was supposed to start on July 1.
New South Wales Treasury Secretary Daniel Mookie said in a statement that the state had been discussing the implementation of a new tax system with casinos. “To ensure that this dialogue continues, the government plans to push ahead with legislation after the upcoming winter recess,” it added.
In a filing Tuesday on the subject, Star Entertainment said it was “grateful” for the ongoing negotiations with the New South Wales government.
“This proposed tax increase was a policy that the former finance minister fled, there was no consultation, and there was no consideration for our Sydney operations’ ability to pay the levy,” Star Entertainment chief executive and executive director Robbie Cook quoted in a file.
He added: “If additional obligations are implemented as originally proposed, they will pose a significant challenge to the economics of the Sydney business and put the jobs of up to 4,000 hard-working Sydney employees at risk.”
The casino operator has previously mentioned that it is in the process of refinancing existing debt facilities, and has separately increased its “promising headroom.”
“Continued uncertainty and the prospect of increased casino tariff rates in New South Wales significantly increase the risk of not completing this process successfully,” it stated.