Troubled Star Entertainment Group announced Friday it will sell the former Treasury Brisbane Casino building to Griffith University in an AU$67.5 million (US$45.0 million) deal.
The sale, which is expected to settle “on or around” 27 September, will net Star around AU$60.7 million (US$40.5 million) in net proceeds after settlement adjustments.
Treasury Brisbane has been the long-time site of Star’s Brisbane casino until operations were closed down a fortnight ago due to the opening of Star’s AU$3.6 billion Queen’s Wharf development, which houses the new casino space.
The company had been looking to sell the building for some time and previously reached an agreement with investment and funds management firm Charter Hall in 2021 only for the deal to fall through.
This new transaction will provide a timely boost to the company, which is currently in talks with both banks and investors in an effort to stave off bankruptcy amid mounting costs, falling player volumes and a second finding of unsuitability to operate its NSW casino, The Star Sydney.
In a separate statement, Griffith University said it expects to open its new Brisbane City campus at the historic Treasury Building in 2027, becoming a hub for the University’s Business, Information Technology, and Law disciplines, as well as a center for postgraduate and executive education. By 2035, the city campus is expected to house approximately 7,000 students and 200 staff, it added.
“The Brisbane CBD campus will deliver an entirely new experience for students, staff, and partners alike,” said Griffith University Vice Chancellor and President Professor Carolyn Evans.
“This flagship location will not only complement our existing South Bank campus but will enhance Griffith’s profile both locally and globally, making it an iconic hub of learning and engagement.”
The Star Brisbane CEO Daniel Finch added, “It has been a privilege for our company and team members to be the caretaker of the much-loved heritage building for almost thirty years.
“We are delighted to hand the baton to Griffith University, knowing the Treasury Building is in the safe hands of another proud Queenslander which respects its history as much as we have.
“As a neighbour just up the street at The Star Brisbane at Queen’s Wharf, it will be exciting to watch the story of the Treasury Building evolve, continuing to provide unique experiences and memories for future generations.”
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