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    References:
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    The five above stand out for offering a balance between entertainment, fairness,
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  • The embattled casino giant confirmed it had struck
    a binding agreement with its Hong Kong-based joint venture partners Chow Tai Fook
    Enterprises and Far East Consortium. “The Star is continuing to engage with the joint venture partners and will provide an update if there are any material developments regarding the parties’ respective interests,” it said.

    Star offered a glimmer of hope when it indicated that negotiations were continuing even though its joint
    venture partners had declined to extend the deal deadline to next week.
    “As of this morning, the parties have been unable to reach an agreement on a number of outstanding commercial issues, which in turn prevent the finalisation of long form documents,” Star said in a statement
    to the ASX. The Hong Kong partners will pay A$53 million ($33.4 million) for
    Star’s 50% stake in the Brisbane integrated casino complex, Hong
    Kong-listed Far East said in a statement late Friday.
    “It’s time all three governments sat down with the company and its Queen’s Wharf joint venture partners and thrashed out one over-arching deal that sorts out the mess and resolves who will own and run the Sydney, Brisbane and Gold Coast casinos over the longer term,” he said.

    In a statement to the ASX this morning, SEG said
    its Heads of Agreement (HoA) deal with its joint venture partners –
    Chow Tai Fook Enterprises Limited and Far East Consortium International Limited – had been terminated.
    In a statement to the ASX today, Star announced it had failed to reach an agreement with its Hong Kong-based joint venture partners Chow Tai Fook Enterprises and Far East Consortium.
    The Star Entertainment Group announced on 5 April 2016 share
    sale facilities that provided eligible small shareholders the opportunity to sell their
    shares without incurring any brokerage or handling costs. The Trans and gender-diverse communities are
    starting to feel vulnerable, so let’s continue to work
    on making The Star a safe and inclusive place for everyone,
    esp., for trans and gender-diverse team members. In a statement to the
    stock market this morning, the casino operator confirmed
    talks were under way, but said no deal had yet been reached.

    The ASX statement did say that SEG “is continuing to engage with the Joint Venture Partners and will provide an update if there are any material developments regarding the parties’ respective interests in DBC and DGCC”.
    A Queensland government spokesperson said the deal between Star and its joint venture partners — Chow Tai Fook
    Enterprises (CTFE) and Far East Consortium — was not yet finalised.
    In March, in a bid to stave off insolvency, Star agreed to sell its 50 per
    cent stake in Queen’s Wharf to its joint venture partners.
    Star on Monday said it would provide an update when there were further material developments regarding its
    negotiations with its joint venture partners, including any termination of
    the agreement, which would take effect next Monday. According to
    a statement from Far East at the time of the deal being announced,
    it will receive an $18 million break fee from Star if the deal fails.
    “Despite the receipt of this notice, The Star remains willing to continue negotiations with the joint venture partners to give effect to the transaction,” Star said.

    The revised timeline was announced in an ASX statement in December,
    informing shareholders that DBC had reached a settlement in the
    Supreme Court with Multiplex Constructions over cost blowouts and
    delays on the project. Alliance for Gambling Reform
    chief advocate Tim Costello said the public deserved to have access to the full plan given The
    Star’s history. “The remediation plan is a Star Entertainment Group document which can only be distributed by them,” she said in a statement.
    But just when things appeared to be improving for
    Star, their joint venture partners suddenly announced they
    were terminating the agreement to buy Queen’s Wharf, effective July 7.
    In March, desperate for money to stave off insolvency, Star
    agreed to sell its 50 per cent stake in Queen’s Wharf to its joint venture partners Chow Tai Fook Enterprises
    and Far East Consortium for $53 million. Probity has been an issue before, with the
    joint venture partners previously being investigated by the state, the
    results of which had little impact. The Star is selling
    its 50 percent equity interest in the Destination Brisbane Consortium (DBC) and
    transferring its other Brisbane properties to its
    joint venture partners Chow Tai Fook (CTF) and Far East Consortium (FEC).

    It enhances public access to the riverfront and includes extensive
    walkways and a plaza beneath the footbridge across the river.
    Star said it is continuing to engage with joint venture partners
    and will provide an update if there are any material developments.

    Star will have to repay the joint venture partners $10 million in proceeds by August 6 and $31 million in equity contributions by September 5.

    In a statement to the Hong Kong stock exchange, Far East Consortium said Star must repay $10 million to the parties within 30 days
    of the termination, and failing that, it must transfer its
    third stake in the Gold Coast hotel project. “Since the recent general meeting, the parties continued to negotiate with a view to finalising the long form documents but, as of this morning, have not reached an agreement on the outstanding commercial issues,” the company said in a statement to the ASX.
    The group’s joint venture partners have threatened to walk away from the agreement struck to
    sell its stake in the Queen’s Wharf casino and hotel complex.
    The deal was first struck in March this year, with the joint venture partners to take over Star Entertainment’s stake in the Brisbane project for $53m.

    Click here to download the Tax CalculatorClick here to access information on the Australian Taxation Office website
    Eligible shareholders who wished to sell their shares
    under the Voluntary Share Sale Facility were required to return a Sale
    Instruction Form by the Closing Date.
    That’s unlikely to sway the court, particularly given Star’s rival, Crown Entertainment, was slapped with
    a $450 million fine just two years ago for allowing the
    same criminal gang to access its gaming rooms.

    In a statement to the ASX, the company said that it previously
    had made it clear that “it continued to rely on the support of its lenders”, which included covenant waivers after June 30.

    NSW Independent Casino chairman Phil Crawford said in statement that the
    report vindicated the commission’s decision to hold a new inquiry.
    According to information contained in Tuesday’s filing, the long-form documentation supersedes the previous Heads
    of Agreement reached with the joint venture partners in March, although Star noted that the key aspects of the transaction are “materially consistent” with that Heads of Agreement.
    From today, access is open to the Neville Bonner
    Bridge from South Bank to Queen’s Wharf.
    The company is reported to be waiting for access to proceeds
    from its asset sales, which are currently waiting for state approval, as well
    as a separate “bridge loan”, before it can refinance itself.
    The company has been served a statement of claim for a securities class action in the Supreme Court of Victoria.
    Echo has two Hong Kong–based joint venture partners Chow Tai Fook Enterprises and Far East
    Consortium.

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