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.
“We opened a file, sent them a letter and some months later the chairman of The Star said, ‘That’s not going to happen, you can close your file’, so no probity was undertaken in this state,” Crawford told the NSW upper house on Friday. The Star said on Wednesday it was not ready to lodge its financial accounts for the 12 months to June 30, despite the ASX suspending it from trading for failing to report last Friday. It has been locked in discussions with banks, the NSW and Queensland governments, and its major investors for weeks to try and find a way to stay solvent after the costs associated with Queen’s Wharf Brisbane exploded.
“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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