Bally's would prefer to retain control of The Star Entertainment Group's (ASX:SGR) Queen's Wharf casino precinct in Brisbane as either its owner or operator, despite a previously signed deal to offload the precinct to Star's consortium partners Chow Tai Fook Enterprises and Far East Consortium, The Australian reported Monday quoting Bally's chairman Soo Kim.
Kim cautioned that he did not have a full understanding of the complex transaction for the Hong Kong-based consortium partners to acquire Star's 50% stake in Queen's Wharf.
If the sale proceeds, Bally's has conducted talks with the partners about continuing to manage the precinct on the partners' behalf.
Until the deal goes through, Bally's plans to run the asset.
The New South Wales Independent Casino Commission chief commissioner Philip Crawford said that the probity assessment of Bally's had started, with assistance from Liquor & Gaming NSW.
Meanwhile, Queensland Attorney-General and Minister for Justice Deb Frecklington said the deal would require regulatory approval by the state governments of both Queensland and New South Wales. She said the Office of Liquor and Gaming Regulation in Queensland had commenced working jointly with the New South Wales casino regulator and Bally's.
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