Australian gaming operator The Star Entertainment Group has announced that is subsidiary in Queensland has reached an agreement to sell its leasehold on the Treasury Brisbane Casino building for AU$67.5 million ($45.5 million).
The company made the announcement on Friday, noting that it would generate net proceeds of AU$60.7 million ($40.9 million) after the sale to Griffith University.
The sale is still subject to government approval and a new grant and registry of a lease, however these are ‘targeted to occur on or around’ September 27th.
The sale announcement comes after the closure of the Treasury Brisbane Casino on August 25th, ahead of the opening of The Star’s new multi-billion dollar property Queen’s Wharf Brisbane.
It also comes as the group works to finalize its financial report for its 2024 financial year. This report has been delayed as the group is reviewing its financial and liquidity position with advisors, following the release of the results from the Bell Two inquiry into its suitability to hold a casino license in Sydney.
The results of the inquiry could have a strong impact on the group’s Queensland operation and have prompted the group to even look into safe harbor provisions in case its financial restructuring is unsuccessful.
