Termination of Heads of Agreement - DBC & DGCC

• Star Entertainment retains 50% equity in DBC and 1/3 equity in DGCC
• Star Entertainment must repay $10 million and reimburse JV partners $31 million
• Star Entertainment to continue as operator of The Star Brisbane under existing casino management agreement

The Star Entertainment Group Limited (ASX: SGR) has announced the termination of its Heads of Agreement (HoA) with its joint venture partners, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited. The HoA relates to The Star's ownership interests in the Destination Brisbane Consortium (DBC), Destination Gold Coast Consortium (DGCC), and other assets. Despite negotiations, the parties were unable to reach agreement on outstanding commercial issues, leading to the termination of the HoA effective August 1, 2025. As a result of the termination, The Star will retain its 50% equity interest in DBC and 1/3 equity interest in DGCC, as well as the Treasury Brisbane hotel and car park, and its 50% equity interest in the Charlotte Street Car Park (Festival). However, The Star must repay $10 million in proceeds received from the joint venture partners by August 6, 2025, and reimburse the partners for their share of equity contributions made to DBC since March 31, 2025, estimated to be approximately $31 million, by September 5, 2025. The parent company guarantee for The Star's 50% share of the DBC debt facility will remain in place, and The Star will continue to be responsible for its share of future equity contributions to DBC, estimated at around $200 million. The original casino management agreement for The Star Brisbane remains in effect, with The Star continuing as the operator and receiving the associated management fee.