Australia’s Star Entertainment Group Limited has announced that it will sell its Treasury Casino and Treasury Hotel in Brisbane, then lease back the assets for an initial 30-year term from investment and funds management firm Charter Hall. The price tag: AU$248 million (US$183.5 million).
Star will lease back the properties for an initial term of 30 years with two additional 15-year options. Star will continue to operate Treasury Casino until it opens its AU$3.6 billion Queen’s Wharf Brisbane development in 2023, after which time casino operations will move to the new property, reported Inside Asian Gaming.
Queen’s Wharf Brisbane is a joint venture between Star and its two Hong Kong-based partners, Chow Tai Fook Enterprises and Far East Consortium, It will include four world-class hotels, 50 restaurants, cafes and bars, 12 football fields of public space, and up to 2,000 residential apartments, plus a casino with 2,500 slot machines and hundreds of gaming tables.
