The Queensland state government has given Australian casino operator to Star Entertainment Group Ltd. (Star Ent) the green light to commence with its Queen’s Wharf Brisbane casino.
In a filing to the Australian Securities Exchange on Friday, Star Ent announced that it has secured a license for its casino, which stated that its operations “are permitted to commence upon completion” of the project.
Destination Brisbane Consortium (DBC) – which comprises of Star Entertainment, Hong Kong-based Chow Tai Fook Enterprises Ltd and Far East Consortium (Australia) Pty Ltd, a unit of Far East Consortium International Ltd – is required to make a payment of AU$213 million (US$161.83 million) to the Queensland Government upon the satisfaction of certain conditions.
Star Entertainment said its share of the payment amounts to AUD77 million, which is expected to be paid by October 27.