Star Entertainment, one of the most important operators of land-based casinos in Australia, has announced that its previously agreed deal to sell the Treasury Hotel and Casino in Brisbane has fallen through.
The deal was initially announced back in October 2021 and it was supposed to be a sale and leaseback transaction between Star Entertainment and Charter Hall, an investment and funds management company.
The agreement would have seen Star Entertainment sell both the Treasury Casino and the Treasury Hotel buildings in Brisbane, along with the adjacent car park, for a total of 248 million Australian dollars. The deal also stated that the hotel and the car park would be leased back to Star Entertainment for 30 years, with two additional options for an extra 15 years.
As for the Treasury Casino, the agreement would have seen Star Entertainment continue to operate it until it managed to complete and open Queen’s Wharf Brisbane, the brand new casino development in which the company has invested 3.6 billion Australian dollars. Once the new development would have been completed, then casino operations were supposed to move to the new location.