FEC and Chow Tai Fook each own a 25% stake in the Queen’s Wharf Brisbane casino development
An A$3.6 billion ($2.3 billion) Brisbane casino resort backed by a pair of Hong Kong heavyweights has secured financing that allows the controversial development to press ahead despite opposition from preservationists and design groups.
Australian gambling and entertainment company Star Entertainment Group, which has teamed up with David Chiu’s Far East Consortium and New World Development chairman Henry Cheng’s Chow Tai Fook Enterprises to develop the 27.5 hectare (68 acre) riverfront project, said in an announcement on Friday that it had secured A$1.6 billion in debt to fund the project.
While not disclosing details of the financing, the ASX-listed company noted that the facilities had been agreed prior to the COVID-19 pandemic and that the funding reflects the more favourable terms available on the market at that time.
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