A multibillion-dollar American casino company’s attempts to introduce its brand to Australia may have come unstuck, thanks to a small suburban bowls club. The contract to build Brisbane’s new inner-city Neville Bonner Bridge pedestrian bridge… A development application has been submitted by Destination Brisbane Consortium for a… Locals and visitors will have the opportunity to experience Queensland’s capital from… "The latest news once again increases uncertainty for members. We're seeking further information from the company about this announcement," he said. Star has been seeking a financial lifeline, after its cash reserves sank to $79 million at the end of 2024. Queen’s Wharf Brisbane is fast becoming the city’s most exciting destination for food, retail, culture, and entertainment. The gaming giant told the sharemarket it had rescued a deal to sell its Brisbane casino to its Asia partners. The embattled gaming company has completed a $53 million deal to offload the glitzy Brisbane complex. The deal has left employees with questions about the future of their jobs in the precinct. "For Star, the Queen's Wharf sale is a strategic retreat from what has become a financial quagmire, with development costs blowing out by more than $1 billion," he said. "A buyer would have to be comfortable with a company in Star's circumstances to be a joint landlord and take the risk of default under the agreement." But just when things appeared to be improving for Star, their joint venture partners suddenly announced they were terminating the agreement to buy Queen's Wharf, effective July 7. Just a few days later, Star reached a deal with US casino giant Bally's for at least $250 million in exchange for a controlling stake in the company. In March, desperate for money to stave off insolvency, Star agreed to sell its 50 per cent stake in Queen's Wharf to its joint venture partners Chow Tai Fook Enterprises and Far East Consortium for $53 million. In January this year, the company told the ASX it had just $79 million left in available cash and had burned through $70 million since the end of September. In September 2021, when the NICC first announced it was looking into Star Entertainment, its share price was $3.50. "Delays and ongoing costs during construction meant it was sucking cash, not generating it, at a time when Star was already struggling with regulatory fallout and falling revenue." Then came two years of pandemic lockdowns, major flooding, and an outbreak of mould — to name but a few issues — which added hundreds of millions to the price tag and many months to the timeline. The deadline to reach a deal on the sale of Star Entertainment's stake in Brisbane's Queen's Wharf precinct has been extended, as the casino operator desperately fights to avoid administration. "The agreement … is subject to regulatory approvals, which will be considered following the receipt of formal submissions," they said. A Queensland government spokesperson said the deal between Star and its joint venture partners — Chow Tai Fook Enterprises (CTFE) and Far East Consortium — was not yet finalised. This week, that was walked back, with Star announcing a new deal had finally been signed. In March, in a bid to stave off insolvency, Star agreed to sell its 50 per cent stake in Queen's Wharf to its joint venture partners. Star has struggled financially amid regulatory inquiries and increasingly tough gaming regulations. The deal still needs to pass regulatory checks and be approved by the Queensland government. In exchange, Star would receive a $53 million cash injection and stakes in Gold Coast hotels near its casino there. The deal will see Star give up its 50 per cent stake in the Queen's Wharf casino complex. Star told investors on Tuesday morning it had finally signed a deal with its Hong Kong partners — including one which was once linked to organised crime figures. A Queensland government spokesperson says the deal is subject to government approval. Brisbane's resort and casino precinct Queen's Wharf has faced financial woes. "My priority is to work closely with our expert team and precinct partners to drive operational excellence and regulatory compliance, pioneer innovative guest experiences, and deliver measurable value." On Monday, the company notified the ASX that the deadline for termination has now been extended to July 31st. "This was meant to free up around $700 million in debt and $212 million in future contributions, making Star more asset-light and boosting its liquidity," Mr Hughes said. As part of the agreement, Star would keep the rights to operate the casino. The Hong Kong investors poised to buy Star out of Brisbane's Queen's Wharf development have threatened to walk away. While all apartments in Queen’s Wharf Residences were sold off the plan, a limited number of resale opportunities are now available, offering a rare second chance to secure a residence in this landmark development. Located just minutes from key venues, transport hubs, and entertainment zones, the development offers residents and investors front-row access to one of the biggest global events of the decade. With Brisbane set to host the 2032 Olympic and Paralympic Games, Queen’s Wharf Residences is perfectly positioned to benefit from the city’s next wave of growth. Designed for modern city living, Queen’s Wharf Residences delivers a sophisticated blend of architectural excellence, smart design, and high-end finishes. "The Queensland government would then conduct a rigorous process to license a new, financially sound, and compliant operator for the casino." Mr Hughes said if Star was forced to sell the rights to operate a casino, buyers were circling. The Queensland government has indicated it wants a casino to continue operating at Queen's Wharf but won't offer financial support or concessions to Star. Queen's Wharf was still in development for much of 2024, before opening to the public in August. "If a massive AUSTRAC fine, or the ongoing Queen's Wharf financial burden, renders Star insolvent, Bally's may pull out, leaving Star almost certainly facing administration." Reaching a deal, Mr Hughes said, is of "existential" importance to Star.
