Australia’s Star Entertainment Group has secured AU$1.6 billion in funding to complete its A$3.6 billion Queen’s Wharf (QWB) development in Brisbane.
The terms, made before the Covid-19 outbreak reached Australia, have not been altered in the wake of the pandemic, Star confirmed in a May 15 filing. According to Inside Asian Gaming, Star will complete its first draw-down in June with greater draw-downs to fund construction to begin in early 2021.
“The QWB funding is for a period of 5.5 years, which is expected to provide around three years of operating history before refinancing is required, and is recourse funding in proportion to the partners’ equity interests (50 percent to the Star),” the company said.
Queen’s Wharf Brisbane is funded by Star Entertainment Group (50 percent) and two Hong Kong-based partners, Chow Tai Fook (25 percent) and Far East Consortium (25 percent).
