Just days after the grand unveiling of the $3.6 billion Queen’s Wharf precinct, Star Entertainment is seeking urgent financial relief to keep the expansive project operational. The Queensland government is currently negotiating potential aid, including $300 million in short-term funding, to support the Brisbane CBD landmark.
The 12-hectare development kicked off with significant celebration on August 29, initially bringing 3,000 jobs to the area, with 1,400 newly created positions. Despite the successful launch, financial hurdles have prompted urgent discussions about potential closures. “The worst-case scenario would be that they have to close their doors not long after opening them,” remarked Queensland Premier Steven Miles, cited by The Guardian. He emphasized the government’s commitment to preventing such an outcome by potentially deferring tax payments for Star Entertainment.
Premier Miles highlighted the Queen’s Wharf precinct as a crucial asset for Brisbane, especially in the lead-up to the Brisbane 2032 events, when the city will host the Olympic Games. “This is a fantastic asset for our city. It is a big job generator. It is a major attraction to our city and state,” he stated, underscoring the development’s significance over the coming decade.
Broader Financial Support and Lobbying Efforts
Amidst seeking local aid, Star’s CEO Steve McCann has extended lobbying efforts to the New South Wales government for additional financial relief, although NSW has declined further support, citing the primary benefit to Star’s Queensland operations. This decision has sparked disappointment from Miles, who stressed the importance of job retention across both states.
Amid these financial discussions, Star’s shares were temporarily halted on the ASX after the company delayed its financial reporting, pending review of a critical regulatory report from the NSW Independent Casino Commission. This report reaffirmed Star’s current unsuitability to hold a casino license, complicating the regulatory landscape just as Queensland’s gambling regulator greenlit a new license for Queen’s Wharf merely two days before the report’s publication.
Further complicating matters, the Queensland government postponed potential suspension of Star’s casino licenses pending the outcome of ongoing inquiries in NSW. Previous reviews had already cast doubts on Star’s operational practices, pointing out significant lapses in anti-money laundering measures and responsible gambling practices.
Adding to the controversy, allegations have surfaced regarding the Queensland government’s role in obstructing the release of a probity report on Chow Tai Fook Enterprises, a partner in the Queen’s Wharf project. This report, potentially critical of the firm’s suitability as a casino operator, was suppressed from public view with the government’s support, sparking concerns about transparency and accountability from opposition leaders.