The Star Entertainment Group (SEG) has announced that its proposed deal to offload its stake in the Brisbane Queen’s Wharf hotel and casino complex has collapsed, leaving the casino operator facing around $41 million in payments to investors.

In a statement to the ASX last week, SEG said its Heads of Agreement (HoA) deal with its joint venture partners – Chow Tai Fook Enterprises Limited and Far East Consortium International Limited – had been terminated.

The statement said: “As of this morning, the parties have been unable to reach agreement on a number of outstanding commercial issues which in turn prevent the finalisation of long form documents.

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“The Star proposed to the Joint Venture Partners an extension of the HoA termination date to 6 August 2025 to allow further time to conclude negotiations. However, the proposed extension by The Star was not accepted by the Joint Venture Partners.

“Accordingly, the HoA Termination Notice (which was extended to 31 July 2025) has taken effect and as a result, the HoA has been terminated with effect from today’s date.”

The collapse of the deal exposes SEG to a number of repayments and equity responsibilities, which will add to the financial woes of the group. SEG must repay $10m of proceeds it received from the Joint Venture Partners by 6 August 2025.

In addition, SEG must reimburse the Joint Venture Partners for its share of equity contributions that have been made by the Joint Venture Partners to Destination Brisbane Consortium (DBC) since 31 March 2025. This amount is currently anticipated to be approximately $31m (based on an estimate of amounts paid to date) and is payable by 5 September 2025.

SEG will also retain its 50% share of the DBC debt facility, which is currently around $1.4bn, and will continue to be responsible for its share of future equity contributions to DBC, estimated to be approximately $200m. Additional equity may also be required as part of the refinancing of the DBC debt facility, which is due to expire in December 2025.

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The ASX statement did say that SEG “is continuing to engage with the Joint Venture Partners and will provide an update if there are any material developments regarding the parties’ respective interests in DBC and DGCC”.

The group added: “Given the termination of the HoA, The Star is considering what alternative options may be available to it in relation to its 50 per cent equity interest in DBC, along with the Treasury Brisbane hotel and car park and its 50 per cent equity interest in the Charlotte Street Car Park (Festival).”

PointsBet Holdings Limited (ASX: PBH) (PointsBet) refers to the previously announced unsolicited, conditional, reverse off-market all-scrip (share) takeover offer by Betr Entertainment Limited (Betr) (Unsolicited Betr Scrip Offer).

On 30 July 2025, Betr announced that it would increase the consideration under the Unsolicited Betr Scrip Offer from 3.81 Betr shares per PointsBet share to 4.219 Betr shares per PointsBet share ( Proposed Variation) and that Betr intended to make the Proposed Variation following the opening of the Unsolicited Betr Scrip Offer.

PointsBet also notes that on 29 July 2025 it made an application to the Takeovers Panel in relation to its affairs (the scope of which includes disclosure issues in relation to the value of the scrip consideration under the Unsolicited Betr Scrip Offer) and, in response to an application for interim orders by PointsBet, the President of the Takeovers Panel made interim orders restraining Betr from despatching its bidder’s statement. The Takeovers Panel proceedings are currently ongoing.

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Further details are set out in the Takeovers Panel’s media release dated 30 July 2025.

The PointsBet Board has determined, with the assistance of external advisers, that the Betr Proposal is materially inferior to the MIXI Takeover Offer, even taking into account the Proposed Variation.

PointsBet will provide further details through its target’s statement in response to the Unsolicited Betr Scrip Offer (when despatched).

The PointsBet Board continues to regard the Unsolicited Betr Scrip Offer as an inadequate outcome for PointsBet shareholders in the context of a scrip-based acquisition of PointsBet by Betr, given the previously announced risks it sees in the combination (following due diligence), including in relation to concerns that PointsBet has regarding Betr’s existing business and what it regards as a material overstatement by Betr of the net synergy potential associated with the transaction.

Accordingly, the PointsBet Directors continue to unanimously recommend that PointsBet shareholders accept the previously announced MIXI Takeover Offer, in the absence of a superior proposal.

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The MIXI Takeover Offer is open and PointsBet shareholders should ACCEPT the MIXI Takeover Offer

MIXI Australia Pty Ltd has most recently announced a relevant interest in 24.7% of PointsBet shares (and a further interest in 1.9% of PointsBet shares through an institutional acceptance facility).

AUSTRAC has launched Federal Court civil penalty proceedings against Mount Pritchard District and Community Club (Mounties), for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

AUSTRAC alleges that Mounties contravened the AML/CTF Act, providing gaming services to its customers in circumstances where it had not adopted and maintained an AML CTF programme in compliance with the AML/CTF Rules.

AUSTRAC CEO Brendan Thomas said AUSTRAC alleges failures in Mounties’ approach to its anti-money laundering obligations have left it open to criminal exploitation.

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“Mounties is one of the largest and most profitable club groups in NSW. It owns 10 venues, 8 of which operate approximately 1,400 poker machines and it makes hundreds of millions of dollars in revenue from money gambled on those machines,” Mr Thomas said.

“This is a big company with an even bigger responsibility to ensure its clubs are managing the risks that criminals can run dirty money through its gaming machines.

“AUSTRAC’s 2024 Money Laundering in Australia National Risk Assessment identified pubs and clubs as a medium risk sector, but when those businesses are exposed to cash, especially in circumstances where known money laundering risks are not being managed, the risk increases.”

“A business operating at this scale, in a cash intensive sector, is exposed to a high degree of money laundering risk. In 2022 for example, the NSW Crime Commission released its Project Islington report which determined that billions of the approximately $95b gambled in NSW poker machines in 2021-22 was likely to be dirty money.”

AUSTRAC alleges Mounties AML/CTF programme:

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• did not have an adequate risk assessment

• did not contain appropriate staff risk awareness training

• did not contain appropriate risk based systems and controls in its transaction monitoring programme

• did not include appropriate risk based systems and controls in its enhanced customer due diligence processes

• was not subject to an independent review that met the requirements of the Rules

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• and that Mounties failed to appropriately monitor a number of its customers with a view to identifying, mitigating and managing the money laundering risk that Mounties faced.

AUSTRAC also alleges Mounties failed to appropriately maintain its AML/CTF Programme, with aspects of its programme outsourced to a third party provider, Betsafe – which also provides AML/CTF programmes to a number of other pubs and clubs.

“Like many other AUSTRAC reporting entities, Mounties outsources aspects of its AML/CTF program but what it can’t outsource is its AML/CTF obligations.”

“Relying on third party providers doesn’t absolve a business of its obligations under the AML/CTF Act. If a reporting entity outsources key parts of its program to a service that is not fit for purpose – especially without proper oversight or resourcing – they run a real risk of non-compliance.

“All reporting entities, regardless of size, must stay actively involved in how their AML/CTF program is designed, implemented and monitored and I would say the same thing to other pubs and clubs who think bringing in a provider is a set and forget solution.”

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AUSTRAC also alleges a number of specific instances where Mounties failed to appropriately monitor specific customers, despite the money laundering risks they presented.

“Customer due diligence and transaction monitoring in a club that processes hundreds of millions of dollars a year through its poker machines, a significant amount of which is cash, is going to require a robust approach when it comes to verifying a customer’s source of funds,” said Mr Thomas.

It is now a matter for the Federal Court of Australia to determine whether Mounties contravened the Act and, if so, what orders to make.