• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 8 February 2023
    IAG
    Advertisement
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
      • Africa
      • Australia
      • Cambodia
      • China
      • CNMI
      • Europe
      • Hong Kong
      • India
      • Japan
      • Laos
      • Latin America
      • Malaysia
      • Macau
      • Nepal
      • New Zealand
      • North America
      • North Korea
      • Philippines
      • Russia
      • Singapore
      • South Korea
      • Sri Lanka
      • Thailand
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    No Result
    View All Result
    IAG
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
      • Africa
      • Australia
      • Cambodia
      • China
      • CNMI
      • Europe
      • Hong Kong
      • India
      • Japan
      • Laos
      • Latin America
      • Malaysia
      • Macau
      • Nepal
      • New Zealand
      • North America
      • North Korea
      • Philippines
      • Russia
      • Singapore
      • South Korea
      • Sri Lanka
      • Thailand
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    No Result
    View All Result
    IAG
    No Result
    View All Result

    Chow Tai Fook and Far East Enterprises claim Star Entertainment Group stake in new Strategic Alliance

    Ben Blaschke by Ben Blaschke
    Wed 28 Mar 2018 at 22:48
    Hong Kong’s Far East Consortium reports first full year gaming revenue after Australian, European acquisitions

    Star’s AU$3.6 billion Queen’s Wharf Brisbane development.

    Print Friendly, PDF & Email

    Hong Kong’s Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC) have entered into a Subscription Agreement that will see each of them claim a 4.99% stake in Australian casino operator Star Entertainment Group as part of a new Strategic Alliance.

    Under the terms of the Subscription Agreement, CTFE and FEC will each acquire 45.8 million new fully paid ordinary shares for a total consideration of AU$245 million each.

    The companies also intend to submit applications to the NSW Independent Liquor and Gaming Authority and the Queensland Office of Liquor and Gaming Regulation to gain the right to increase their shareholding in The Star to over 10%. However, the Subscription Agreement as it stands limits their combined holdings to a maximum of 19.9%, subject to “certain exceptions.”

    In a Thursday morning announcement, Star Entertainment Group said that the Subscription Agreement “underpins the strategic partnership and better aligns the interests of The Star’s strategic joint venture partners with the long-term growth and financial performance of The Star.”

    Star, CTFE and FEC are already partners in the AU$3 billion Queen’s Wharf Brisbane development that is set to transform the city’s riverside entertainment precinct.

    The Subscription Agreement forms part of a broader Strategic Alliance between the trio that includes a commitment by the parties to jointly pursue major growth developments in and around The Star’s properties in Sydney, Brisbane and the Gold Coast to increase their scale and appeal. The partnership will also establish a marketing alliance to drive high-end tourism.

    As part of the Strategic Alliance, Star Entertainment Group will have exclusivity on any new Australian or New Zealand casino or gaming developments pursued by CTFE or FEC.

    Among the expansion developments proposed as part of the Strategic Alliance is the development of a new underground train station alongside The Star Sydney in Pyrmont, in partnership with the NSW Government.

    CTFE and FEC will also become involved in supporting and pursuing The Star Gold Coast Precinct Masterplan including up to five joint venture towers with potential for hotel and residential developments as well as expanded entertainment, tourism and retail developments.

    Commenting on the new Strategic Alliance, Star Entertainment Group Chairman John O’Neill said, “The board welcomes CTFE and FEC as shareholders in The Star.

    “Our expanded strategic partnership recognizes the strength of our relationships built over the last four years and the shared vision of investing in properties with valuable long-term licenses in sought after destinations.

    “The complementary skills and business possessed by each partner have contributed over the past four years to creating long-term value for all shareholders, commencing with Queen’s Wharf Brisbane.

    “This deal ensures a greater strategic and economic alignment of our collective interests and continues The Star’s commitment to deliver growth investments through a capital efficient structure.”

    RelatedPosts

    Star Entertainment Group to launch carbon farm in Queensland

    Star Entertainment Group to launch carbon farm in Queensland

    Wed 8 Feb 2023 at 03:24
    South Australia announces inquiry into SkyCity Adelaide

    Regulatory review into SkyCity Adelaide put on hold pending outcome of AUSTRAC investigation

    Tue 7 Feb 2023 at 21:29
    Report says more than $1 billion laundered through Australian poker machine venues annually

    NSW government to support pubs and clubs during transition to mandatory cashless pokies

    Tue 7 Feb 2023 at 02:42
    Off Track: AUSTRAC’s AML Failures

    Star Entertainment Group facing third class action lawsuit for AML, governance failures

    Mon 6 Feb 2023 at 17:56
    Load More
    Tags: AustraliaBrisbaneChow Tai Fook EnterprisesCTFEFar East ConsortiumGold CoastHong KongJohn O’NeillNew ZealandNSW Independent Liquor and Gaming AuthorityQueensland Office of Liquor and Gaming RegulationStar Entertainment Groupstrategic allianceSubscription AgreementSydneyThe Star Gold Coast Precinct Masterplan
    Share6Share1
    Ben Blaschke

    Ben Blaschke

    A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

    Current Issue

    Editorial: Macau GGR recovery: A New Hope

    Editorial: Macau GGR recovery: A New Hope

    by Ben Blaschke
    Wed 1 Feb 2023 at 02:17

    The speed with which Macau’s short-term prospects have turned around since the start of the year is nothing short of...

    Publication of record

    Publication of record

    by Andrew W Scott and Ben Blaschke
    Wed 1 Feb 2023 at 01:44

    It has been quite the ride for Inside Asian Gaming, from a small 40-page pilot publication back in September 2005...

    Missing in action

    Missing in action

    by David Green
    Wed 1 Feb 2023 at 00:55

    Macau’s concessionaires have committed to spending a combined US$13.5 billion on non-gaming attractions over the next 10 years, but they...

    Return of the ICE age

    Return of the ICE age

    by Ben Blaschke
    Wed 1 Feb 2023 at 00:43

    A full-sized ICE London returns for the first time in three years in February, with organizers promising the biggest show...

    Softswiss
    Evolution Asia
    Aristocrat
    Solaire
    Solaire
    Beter
    Beter
    IGT

    Related Posts

    Evolution Gaming’s Todd Haushalter on Asian initiatives

    Evolution Gaming’s Todd Haushalter on Asian initiatives

    by Newsdesk
    Wed 8 Feb 2023 at 04:45

    Inside Asian Gaming catches up with Evolution Gaming’s Chief Product Officer Todd Haushalter at ICE London 2023 to discuss the company’s Asian expansion initiatives and its significant footprint within the global gaming industry.

    Star Entertainment Group to launch carbon farm in Queensland

    Star Entertainment Group to launch carbon farm in Queensland

    by Newsdesk
    Wed 8 Feb 2023 at 03:24

    Australia’s Star Entertainment Group has secured a 170-hectare parcel of farmland in South East Queensland which it says will help manage its future carbon emissions reduction while supporting biodiversity and native forest regeneration. The Star will use the land near...

    South Australia announces inquiry into SkyCity Adelaide

    Regulatory review into SkyCity Adelaide put on hold pending outcome of AUSTRAC investigation

    by Ben Blaschke
    Tue 7 Feb 2023 at 21:29

    A review into the suitability of SkyCity Adelaide to retain its South Australian casino license has been put on hold pending the outcome of civil penalty proceedings filed against SkyCity by Australian anti-money laundering watchdog AUSTRAC. South Australian Liquor and...

    IAG presents on Macau gaming recovery at ICE London

    IAG presents on Macau gaming recovery at ICE London

    by Newsdesk
    Tue 7 Feb 2023 at 21:11

    Inside Asian Gaming’s Vice Chairman and CEO Andrew W Scott and Managing Editor Ben Blaschke appeared in the ICE365 live studio at ICE London on Tuesday morning where they spent 15 minutes discuss the current state of the Macau gaming...


    IAG

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.

    • SUBSCRIBE FREE
    • NEWSFEED
    • MAG ARTICLES
    • VIDEO
    • OPINION
    • TAGS
    • REGIONAL
    • EVENTS
    • CONSULTING
    • CONTRIBUTORS
    • MAGAZINES
    • ABOUT
    • CONTACT
    • ADVERTISE

    No Result
    View All Result
    • Subscribe
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
    • Events
    • Contributors
    • Consulting
    • Magazines
    • Advertise
    • Contact
    • About

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.