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CTFE and FEC, which each hold a 25% stake in the Queen’s Wharf development, are finalizing the buyout of Star’s share. A short-form agreement was reached in March, providing Star with a vital AU$53 million funding injection and temporary operational rights over the Brisbane casino until at least March 31. However, tensions have grown between the parties over whether Star should remain in charge long-term. A deal is rapidly solidifying that will see Crown Resorts, backed by Blackstone, potentially take control of casino operations at Brisbane’s $3.6 billion Queen’s Wharf precinct. This isn’t just a change of operator; it’s a strategic power play with implications stretching far beyond Queensland, and a potential bellwether for the future of integrated resort development in Australia. The government inquiries in Queensland and New South Wales cost the company hundreds of millions of Australian dollars in fines and remedial costs.
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