The Star’s settlement for Queen’s Wharf Brisbane project

Home » The Star’s settlement for Queen’s Wharf Brisbane project

The Star has announced that it has entered into a settlement deed with the primary contractor of its Queen’s Wharf Brisbane property, Multiplex Constructions Qld.

Back in August, the joint venture company set up for the project – Destination Brisbane Consortium (owned 50 per cent by The Star and 25 per cent each by Chow Tai Fook and Far East Consortium) – was served with a process in Queensland courts by Multiplex over ‘purported claims for additional costs, extensions of time and damages’.

The settlement is expected to cost The Star between AU$30m (US$20.5m) and AU$85m (US$58m), dependent upon the project delivery dates achieved by Multiplex.

The group notes that the payments will be settled “through a combination of existing resources and additional equity contributions from the joint venture participants.”

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The Star’s share of costs to complete Queen’s Wharf (including the settlement arrangements) is expected to be “approximately AU$110m” (US$75.1m).

The settlement also calls for the ending of claims arising prior to the agreement, as well as delay claims prior to its effective date.

Source: Asia Gaming Brief

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