JV Partners of Star Entertainment Seek to Cancel Deal for DBC Exit
Tuesday 01 de July 2025 / 12:00
2 minutos de lectura
(Hong Kong).- The Star Entertainment Group has received a notice from its joint venture partners, Chow Tai Fook Enterprises and Far East Consortium, to terminate the previously announced agreement for The Star to exit its interest in the Destination Brisbane Consortium (DBC), according to a bourse filing.
The Star Entertainment Group said it is still open for further negotiations with its JV partners.
The agreement, first disclosed in March 2025, was intended to pave the way for The Star to withdraw from the DBC and refocus its efforts on operations at the Gold Coast. However, the deal was subject to the completion of detailed legal documents by 30 April 2025, a deadline that was not met.
Under the terms of the binding heads of agreement (HoA), failure to finalise documents by the deadline allowed either party to terminate the agreement with five business days’ notice. Despite continued negotiations since a general meeting of shareholders on 25 June, the parties have not reached consensus on outstanding commercial matters.
The termination notice issued today will take effect on Monday, 7 July 2025, unless withdrawn earlier. The Star says it remains open to further negotiations with its joint venture partners to progress the transaction.
The company also confirmed it has received $58m in proceeds from the sale of its Event Centre and $133m in funding from Bally’s Corporation and Investment Holdings, as outlined in its explanatory memorandum to shareholders.
The Star has pledged to provide further updates should material developments occur.
Categoría:Gaming
Tags: Sin tags
País: Hong Kong
Región: Asia
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