Scientific Game

Hong Kong partners complete acquisition of Star Entertainment Group stake

Monday, 16 April 2018 19:32
Share
Visit us

Hong Kong’s Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC) have completed their acquisition of a combined 9.99% stake in Australian casino operator Star Entertainment Group.

Both CTFE and FEC now hold 45,825,000 shares in Star, representing 4.995% of its share capital, as part of a Subscription Agreement signed last month. The three companies are already partners in Brisbane’s AU$3 billion Queen’s Wharf Development, with Star stating in a recent filing 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.”

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.

What's new

Osaka governor pushing for 2023 IR launch

Osaka governor pushing for 2023 IR launch The governor of Osaka has declared his ambition to open an integrated casino resort in the Japanese city by 2023. Speaking to local media this week, Governor Ichiro Matsui stated his intent to launch an IR within the next five years while downplaying concerns over ongoing political scandals involvi... Thursday, 26 April 2018 20:10

Steve Wolstenholme appointed Group COO of Vietnam IR Hoiana

Steve Wolstenholme appointed Group COO of Vietnam IR Hoiana Vietnam’s Hoi An South Development has announced the appointment of former Okada Manila President and Managing Director Steve Wolstenholme as Group Chief Operating Officer. Wolstenholme brings a wealth of international experience in Asia and North America to Hoiana, including senior roles as Pres... Thursday, 26 April 2018 17:34

Weike to present revolutionary ETG products at G2E Asia in 2018

Weike to present revolutionary ETG products at G2E Asia in 2018 Weike Gaming Technology has announced that it will present its new line of electronic table gaming products; Multi Electronic Table Game – Real Cards Virtual Chips (METG RCVC) and Virtual Multi-Game (VMG) at G2E Asia this year. The METG RCVC is a newly released Semi-Live Baccarat Dealer Table usi... Thursday, 26 April 2018 15:21

G2E Asia Awards: Meet the Judges – Steve Gallaway

G2E Asia Awards: Meet the Judges – Steve Gallaway Steve Gallaway is Managing Partner at Global Market Advisors. His areas of expertise include gaming market assessments, hotel and casino feasibility studies, operational reviews and marketing analysis. Mr Gallaway has spent his entire career in the gaming and hospitality industry, starting as a val... Thursday, 26 April 2018 06:58

Current Issue

G2E ASIA AWARDS to debut in 2018

G2E ASIA AWARDS to debut in 2018 Inside Asian Gaming and G2E Asia will co-organize the inaugural G2E Asia Awards in 2018 – the official awards of Asia’s biggest industry  trade show and exhibition, G2E Asia. In an exciting development for the Asian gaming industry, Inside Asian Gaming and G2E Asia announced in March that they... Wednesday, 04 April 2018 14:07

Indian Dreaming: Tiger Palace putting Nepal in the game

Indian Dreaming: Tiger Palace putting Nepal in the game By Ben Blaschke The first integrated resort to be built in South Asia, Tiger Palace Resort in Nepal’s lowland Terai plains sits just eight kilometers from the border with India’s most populous state Uttar Pradesh, home to some 215 million people. At US$52 million it also represents a fascinatin... Wednesday, 04 April 2018 14:12

Digital Danger

Digital Danger As the world becomes increasingly digital, the world’s casino operators are taking cyber security more seriously than ever before. But as leading risk mitigation company Kroll explains, risks remain – and not always where you might expect.  By Ben Blaschke AS cautionary tales go, the downfall... Wednesday, 04 April 2018 14:09

Gaming development outlook along the Belt and Road

Gaming development outlook along the Belt and Road Michael Zhu, SVP of International Planning and Analysis for The Innovation Group, delves into the benefits that Chinese President Xi Jinping’s “One Belt and One Road” initiative will bring to Asia’s gaming industry. By Michael Zhu PRIOR to the current recovery of Macau’s gaming malaise, ... Wednesday, 04 April 2018 14:08