The Monarch might acquire Queens Wharf as The Star contemplates a sale of the property.
**Crown Resorts Eyes Queens Wharf Casino in Brisbane**
In the bustling city of Brisbane, Australia, the future of the Queens Wharf casino is shrouded in anticipation. The casino and hotel development, jointly owned by Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC), is currently undergoing a significant change.
Originally, CTFE and FEC were in the process of buying out The Star Entertainment's 50% stake in the Queens Wharf development, a deal initially planned for mid-2025. However, due to delays and renegotiations, the deadline for this transaction has been extended up to at least the end of July 2025.
Once CTFE and FEC complete their acquisition of Star’s stake, they will explore operational control options for the casino and hotel. Among the contenders, Crown Resorts is reportedly the preferred and leading candidate to assume operational control, backed by its longstanding operational experience in the Australian market and strong financial support following its AU$8.9 billion takeover by Blackstone in 2022.
Other potential bidders or operators being considered include Delaware North and SkyCity Entertainment, making the operational control a competitive decision by the stakeholders and regulators.
Crown Resorts' potential acquisition of The Star's stake would mark its entry into Queensland, where it has not previously operated. The financial muscle and regulatory confidence make Crown the favored operator in Queensland.
Star Entertainment, the current joint co-owner of Queens Wharf, has been struggling financially for some time. The buyout deal by CTFE and FEC is seen as a way for Star to divest monetary commitments. However, the transaction has faced delays due to unmet conditions and renegotiations around operational transition and funding.
Star was granted temporary operational rights until at least March 31, 2025, but this was extended as the buyout process extended into July 2025 to ensure an orderly transition.
The extension of the deadline for the sale of The Star's stake in Queens Wharf does not affect the potential sale to Crown Resorts, SkyCity, or Delaware North. The final decision remains subject to regulatory approval and ongoing negotiations with these interested parties.
If Crown Resorts buys Queens Wharf, it would be a significant expansion for the company. The current disputes do not change the fact that Chow Tai Fook Enterprises and Far East Consortium each own a 25% stake in Queens Wharf. The Star, on the other hand, remains a joint co-owner of the property.
Regulatory setbacks have caused mistrust in The Star as an operator, affecting its stock and operations. A potential salvation for The Star could be a deal with Bally's, but the future of the casino remains uncertain.
Sources: [1] ABC News Australia [2] The Sydney Morning Herald [3] The Age [4] The Brisbane Times
- With Crown Resorts emerging as the preferred candidate for operational control of the Queens Wharf casino in Brisbane, the company stands on the brink of a significant expansion into Queensland.
- The finance sector, particularly within the banking-and-insurance and fintech industries, will closely observe the potential acquisition of The Star's stake in Queens Wharf, as this could potentially influence the commercial real-estate market.
- SkyCity Entertainment and Delaware North, in addition to Crown Resorts, represent formidable competitors in the bidding war for operational control of the Queens Wharf casino, adding an element of complexity to the casino industry.
- As Queens Wharf is jointly owned by Chow Tai Fook Enterprises, Far East Consortium, and The Star, the decision for operational control will not only impact Crown Resorts but also affect the financial future of the other involved parties.
