Star gambled on high rollers in Brisbane, now it’s losing its shirt to its Chinese partners

Shares in struggling casino giant Star Entertainment have plummeted after a brief trading halt was lifted, as the company searches for a financial lifeline by the end of the day. The casino giant said it was anticipating a funding deal on Friday which it would consider, but again warned of the possibility of facing financial collapse. Star, which operates casinos in Brisbane, the Gold Coast and Sydney, entered a trading halt before the Australian share market opened on Friday after failing to post its half-year financial results. He said the public could have “no confidence” in a casino owner that had failed to disclose business dealings with organised crime figures. Embattled casino operator Star Entertainment confirmed its partners in the Queen’s Wharf facility — Chow Tai Fook Enterprises (CTF) and Far East Consortium (FEC) — have offered to buy out its share.
“The Queensland government would then conduct a rigorous process to license a new, financially sound, and compliant operator for the casino.” 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. At the time of writing, Star shares are trading at 13 cents. Brisbane’s resort and casino precinct Queen’s Wharf opened in August 2024 but faced financial woes before and after.
Mr Costello said governments in Australia had made the mistake of backing in “massive downtown casinos” like Queen’s Wharf, which relied on high rollers that are no longer coming. Tim Costello says governments have made the mistake of backing in “massive downtown casinos” which rely on high rollers that are no longer coming. Before taking office last year, the Liberal National Party promised to release a secret regulator’s report into CTF’s dealings with organised crime figures. A spokeswoman for Ms Frecklington said the government’s “primary focus remains on ensuring frontline jobs remain secure regardless of the ownership of the company into the future”.
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The NSW and Queensland governments have shown little interest in bailing out the company, and on Friday they pointed to the impact of Star’s precarious situation on jobs. But in a sign of its deepening financial woes, Star has reiterated there is material uncertainty about its ability to continue operating. With the company’s future under a cloud, its board is holding out hope of a last-minute rescue, saying on Friday that it expected to receive “possible liquidity solutions” during the day, which would be carefully assessed. Star, which plays a crucial role in the tourism and hospitality industry of NSW and Queensland – with more than 2700 hotel rooms and more than 100 bars, cafés and restaurants operating at its resorts – failed to release its financial results on Friday. It’s got 11 treatment rooms, two exclusive couples suites, a Moroccan Hammam chamber, steam room and jacuzzi – sure to leave you feeling like a star. One of the venue’s most exciting features is the Stadium – a gigantic 15 x 3.5m mega screen that displays blackjack and roulette dealers while they deal your cards and roll the dice.
He blamed a “misunderstanding” with Chow Tai Fook management for having a stake in the casino with Chau in the first place. Chow Tai Fook Jewellery chairman Henry Cheng Kar-shun, holds a souvenir during the trading debut of the company at the Hong Kong Stock Exchange December 15, 2011. Neither man ever visited Vietnam to check out their casino investment.
Regulatory Compliance and Trust As a licensed Australian casino operator, The Star adheres to strict regulatory standards set by state gaming authorities. Upon registration, members typically receive around $20 in gaming credits to explore the casino’s offerings, along with potential meal vouchers for participating restaurants within the complex. Welcome Benefits New members joining The Star Club receive welcome rewards including complimentary gaming credits and dining experiences. The Star Casino stands as one of Australia’s most iconic gaming and entertainment destinations, operating premier venues in Sydney, Gold Coast, and Brisbane. “I don’t think Star ceases to operate as a business but the capital structure and underlying ownership would change in a voluntary administration scenario,” he said. With the Salter deal off the table, Star said it was now focused on securing a deal with US firm Bally’s, which was first proposed in early March.
The Australian Financial Review reported that the company had failed to raise the funding required to meet near-term payments, including for payroll, which puts the company at serious risk of running out of cash. Chow Tai Fook and Far East, co-investors in Star’s Queen’s Wharf casino in Brisbane, attempted to buy Star’s share of the asset, and shareholder billionaire Bruce Mathieson has made an offer for Star’s Gold Coast casino. It’s home to four unique hotels and residences, including Sydney’s first and only Forbes five-star boutique hotel and urban resort – The Darling. The Star Casino, Sydney’s premier luxury gaming venue and the second biggest casino in the country. That includes the only hotel in Australia to be awarded a Forbes five-star rating, a $100 million event centre, the second biggest casino in the country and a luxury spa. He said the deal being in doubt meant the casino operator, again, could faced the prospect of bankruptcy.