Johnson Winter Slattery (JWS) has advised Chow Tai Fook Enterprises (CTFE) and Far East Consortium International Ltd/HK (FEC) on their acquisition of The Star Entertainment Group's stake in the Queen's Wharf managed integrated resort and casino in Brisbane.
The deal is a lifeline for Queen's Wharf, securing the jobs of thousands of employees and supporting the Queensland Government's vision for a revitalised hospitality and leisure precinct in the heart of Brisbane, as the city prepares for the 2032 Olympic and Paralympic Games.
The deal was highly complex, involving the acquisition of The Star’s interests in Destination Brisbane Consortium (DBC), a renegotiation of the terms on which The Star manages the Queen’s Wharf Casino, the refinancing of DBC's syndicated debt facilities totalling ~$1.3 billion and the agreement of a complex swap of interests in development assets on the Gold Coast for property assets in Brisbane, including the Treasury Hotel.
Further complicating the transaction was The Star’s well publicised financial difficulties, with The Star being on the brink of insolvency at a number of times throughout the transaction. The Star’s refinancing and recapitalisation efforts and change in ownership and management (including the appointment of a new CEO, CFO and general counsel) following the acquisition of control by United States based Bally’s Corporation and Bruce Mathieson added additional complexity to the negotiation, documentation and completion of the transaction.
Commenting on the deal, lead Partners Jonathan Cheyne, Kate Naude and Craig Wappett said, “The transaction involved lengthy and challenging commercial negotiations, together with extensive engagement with the Queensland Government, DBC's syndicate banks and a range of other stakeholders, which JWS was able to carefully navigate to obtain a successful outcome for our clients. This deal highlights JWS' reputation and expertise in the Australian market as a leading adviser in large and complex M&A and debt transactions.”
In addition to Partners Jonathan Cheyne, Kate Naude and Craig Wappett, who led the Corporate/M&A and Finance teams on the transaction, the key members of the JWS deal team were Peter Smith, Isaac Evans, Deborah Overstead, Man Loi, Marcus Clark, Bhavini Sundarjee, Annabel Roden, Bailey Britt, Georgia Brown, John Andrews and James Finnimore.
About Johnson Winter Slattery
JWS is a leading independent Australian law firm of more than 500 people, including 85+ partners, across Sydney, Melbourne, Adelaide, Canberra, Brisbane and Perth. The firm is engaged by major corporates and investment funds on their most challenging transactions and disputes.
Key legal contact
Jonathan Cheyne
Partner
T: +61 7 3002 2520 | M: +61 401 699 003
E: jonathan.cheyne@jws.com.au
Media contact
Angela Welsh
Marketing & Communications Manager
T: +61 2 9392 7454 | M: +61 414 281 902
E: angela.welsh@jws.com.au
