Star confirms $1.6bn funding for Queens Wharf development

The construction of Star Entertainment Group’s ambitious Queen’s Wharf development in Brisbane will continue after securing $1.6 billion in funding.

The $3.6 billion project is on track to open in 2022, with the funding set to cover a period of more than five years.

“The Star and its joint venture partners in the Destination Brisbane Consortium have now executed facility agreements for the QWB Funding on terms consistent with the commitments received,” the Group said in a statement.

“These terms were agreed prior to the COVID 19 pandemic and therefore reflect terms available in the market at that time. Conditions precedent for the QWB Funding are expected to be completed in June 2020, including relevant final approvals from the Queensland Government.”

Speaking to the Urban Developer, the Star said confirmation of the funding commitments “comes at a time when Covid-19 is having significant human and commercial impact”.

“Domestic and eventually international tourism will be crucial to the country’s economic recovery and we’re equally pleased this project remains on time and on budget for a planned opening in 2022,” the Group said.

Sheridan Randall, 25^th May 2020