The Star Sells Brisbane Treasury Hotel, Casino for AU$248m
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The Star Entertainment has inked a US$185.9m sale and leaseback deal with Charter Hall for its Treasury Hotel and Casino in Brisbane.
The Star Entertainment Group has sold off some of its buildings in Brisbane. The firm agreed on the AU$248m sale and leaseback deal with integrated property group Charter Hall.
The Star's shares rose 7% on Wednesday. The company's stock slumped by 30% earlier this month following a money laundering claim. Charter Hall will lease back the Treasury Hotel and a car park building for 30 years with two 15-year options.
Charter Hall will take over the Treasury casino building. The Star is developing the AU$3.6bn ($2.7bn) Queen’s Wharf integrated resort project. It converted its casino license for Treasury Brisbane into a 99-year license. The Treasury Building was the original headquarters for the Queensland premier and cabinet.
The Star is selling Brisbane Treasury Hotel and Casino for AU$248m. The Star and Crown Resorts are under intense government scrutiny. The reports implicated TheStar’s casinos in money laundering, organized crime, and large-scale fraud.
Crown Resorts will keep its Melbourne casino license. The state government accepted the findings of the Royal Commission on October 15. Stephen O’Bryan QC will take on the role of special manager overseeing Crown Melbourne. The Star might breathe a little easier with its rival offered the chance for redemption. It sold Brisbane Treasury Hotel, Casino for AU$248m.
