The Star Entertainment Group Completes Disposal of Interest in DBC

MT Newswires Live

Apr 01

The Star Entertainment Group (ASX:SGR) has completed the disposal of its interest in DBC, the owner of the Queen's Wharf Brisbane Integrated Resort, to joint venture partners Chow Tai Fook Enterprises and Far East Consortium International, according to a Wednesday filing with the Australian bourse.

Star Entertainment will no longer receive the operator fee under a DBC casino management agreement but will instead receive a fixed annual fee of AU$18 million, payable monthly with effect from Wednesday.

The company will also receive a performance incentive fee based on earnings before interest, taxes, depreciation, amortization, and marketing.

DBC has the right to terminate the casino management agreement in certain performance-based circumstances.

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