The Star Entertainment Group has narrowly avoided a deal collapse with its Hong Kong-based partners over the sale of its stake in the Queen’s Wharf Brisbane development, securing a last-minute extension that buys the troubled casino operator until July 31 to finalize critical sale documents. The Australian firm is attempting to exit its 50 percent ownership in the Destination Brisbane Consortium (DBC), the entity behind the Queen’s Wharf casino and resort complex in Brisbane. The remaining half of the consortium […]

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After the sale of a 10% stake in the company for around $142 million, the Australian casino giant The Star now offers its Sheraton Grand Mirage resort on the Gold Coast for $200 million. The casino corporation thus continues its heavily discounted capital-raising drive targeted at $545 million to mitigate the $ 1.11 billion loss expected from anti-money laundering charges and the potential tax regime changes. Luxurious beachfront property acquired in 2017: Sheraton Grand Mirage  is a luxurious beachfront property […]

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The Star Entertainment Group (ASX: SGR) has filed an application with the New South Wales (NSW) Department of Planning to develop a Ritz-Carlton-operated hotel tower in Sydney. The partnership with Hong Kong-based Far East Consortium International Limited and Chow Tai Fook Enterprises Limited will reportedly involve an investment to exceed AUD$500 million (US$360.6 million). According to the official media release (pdf) from Star on Wednesday… The proposal for the hotel and residences tower is to be situated within the footprint […]

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Baha Mar began their recruitment drive on Monday to fill 1,500 positions needed for the casino and premiere hotel property’s planned Phase I opening on April 21, 2017, under new ownership by Chow Tai Fook Enterprises (CTFE). According to a report from The Tribune newspaper, Robert Sands, Baha Mar’s senior vice-president of government and external affairs says that the company’s career website along with Facebook and other social media had seen 1,000 applications and 500 inquiries on Monday, with those […]

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Hong Kong-based global conglomerate, Chow Tai Fook Enterprises Limited (CTFE), announced today that they have signed an agreement to own and operate Baha Mar Resort on New Providence island in the Caribbean country of the Bahamas. The share purchase agreement will allow CTFE to acquire all capital of China Export-Import Bank’s (EXIM) special purpose vehicle, Perfect Luck Assets Limited effectively transferring full ownership and operational abilities to the company. The share purchase agreement includes all Baha Mar Resort assets previously […]

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Hong Kong-based Chow Tai Fook Enterprises (CTFE) has delivered an offer to the Bahamian government in a bid to purchase the stalled $3.5 billion Baha Mar Resort there. Reports indicate that the offer includes a list of prospective operators under consideration by CTFE to operate various aspects of the development. According to a report on Tribune242, Minister of Tourism Obie Wilchcombe has confirmed that regulators began the process of due diligence on potential casino operators late last week. “[CTFE] has […]

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After Chinese Export Import Bank (EXIM) in effect purchased Baha Mar from themselves using a Special Purpose Vehicle (SPV) named Perfect Luck Holdings Limited, it was announced Thursday that Chow Tai Fook Enterprise Limited (CTFE) is in negotiations to acquire the more than $3 billion unfinished casino resort in the Bahamas. CTFE is a Hong Kong listed company that made its fortunes in jewelry and real estate, founded by recently deceased Cheng Yu-tung who was listed by Forbes last month […]

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A Star Entertainment-led international joint venture is in the process of wrapping up a deal to pay as much as A$160 million ($121.7 million) for the Sheraton Grand Mirage Resort, a beachfront resort in Gold Coast, Queensland, according to The Australian. Star Entertainment (ASX:SGR) working in conjunction with retailer Chow Tai Fook and Hong Kong developer Far East Consortium is hoping to see the Sheraton revamped and designed in such a way as to complement its Queen’s Wharf development and the […]

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Vietnam has eight casinos and 43 slot parlors, but unless they hold a foreign passport, Vietnamese citizens are forbidden to gamble at home. That could change for the first time if the government approves a draft decree which was submitted recently. Over the last several years, the subject of whether or not to allow Vietnamese citizens to gamble in casinos and e-gaming clubs and inviting foreign investors to develop large-scale gaming-integrated hotels (IR) has been a source of enormous controversy. […]

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Chow Tai Fook Jewellery Group Ltd., has reported a full year profit drop of 46 percent as the Chinese economy beyond Macau gaming has continued to slow. Poor demand in Hong Kong, as well as Macau contributed to the massive decline for the world’s biggest publicly-traded jewelry store chain. According to Bloomberg,  Chow Tai Fook net income for the 12 month period ending March 31 was down nearly 50% over last year at  HK$2.94 billion ($379 million) compared to the previous year. The […]

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