It remains to be seen how Queen’s Wharf will impact on Brisbane’s existing operators, but the state government was warned its casino patrons would largely be locals, rather than the international tourists Star claimed.
An artist’s impression of the porte cochere at The Star Grand hotel, part of Queen’s Wharf Brisbane.Credit: Destination Brisbane Consortium
The Star Gold Coast casino experienced a 13.6 per cent drop in revenue over the period, which was attributed also to subdued domestic tourism.
Star faces a follow-up regulatory inquiry in NSW and fines from AUSTRAC, and has yet to publicly release the remediation plan that it will use to restore its reputation.
The Queensland government has accepted the remediation plan, along with $100 million in fines, but has until the end of May to restore Star’s full casino licenses.
Star is still punting on Queen’s Wharf Brisbane becoming a winner for the company, and told shareholders it has already received $20 million in forward bookings for events.
Loading
It is also lodging its own civil claim against Probuild seeking about $27 million in damages.
The casino at the core of Queen’s Wharf will have 2500 poker machines – 1000 more than The Star in Sydney, and 768 more than Treasury Brisbane. Star’s financial results showed each poker machine in the Brisbane casino was still making $372 per day on average.
The new Neville Bonner Bridge will connect South Bank to Queen’s Wharf, where there will also be a sky deck, leisure deck and multiple restaurants and bars.