The head of the NSW casino regulator revealed Chow Tai Fook Enterprises attempted to become a majority shareholder in The Star but backed off after learning the probity checks it would have to undergo.
The secretive Hong Kong-based company backing Brisbane’s new casino precinct once tried to become a majority shareholder in the struggling Star Entertainment Group but pulled out after it learned that this would trigger probity checks in NSW.
A CTFE spokesperson confirmed the discussions but denied they had withdrawn their interest based on the probity checks. CTFE now owns less than 3 per cent of The Star.A source close to the negotiations who spoke on condition of anonymity said CTFE originally sought to own up to 20 per cent of The Star with Far East Consortium, its current joint venture partner on the Queen’s Wharf precinct.
“That’s a very complex matter which has been looked at in very great detail,” he told estimates. He ruled out further financial assistance.
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