HK Tycoons Save Star Entertainment in 11th-Hour Casino Deal
- Star to sell half of Brisbane resort to Hong Kong partners
- Deal still leaves Star with no long-term fix to financial woes
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Star Entertainment Group Ltd. staved off imminent collapse after the struggling Australian casino operator struck a last-minute deal to sell its stake in its new Brisbane complex to its Hong Kong tycoon partners.
Chow Tai Fook Enterprises Ltd. and Far East Consortium Enterprises Ltd. will pay A$53 million ($33.4 million) for Star’s stake in the Brisbane project, Far East said in a statement. The first payment of A$35 million will be made Friday.