Star Entertainment Queen’s Wharf Brisbane Launch Postponed to 2024

Summary:

• Queen’s Wharf Brisbane’s opening has been pushed back to April 2024 over construction issues
• The integrated resort is a joint venture between Star Entertainment and two Hong-Kong based firms
• Star is keen on launching its third property in Queensland amid legal challenges it’s facing in the state

Queen’s Wharf Brisbane which has been under threat for a while will not open in the second half of 2023 as previously announced. The Star Entertainment Group has postponed the launch of the integrated resort to April 2024, citing current construction progress.

Star Announces Further Delay in Queen’s Wharf Brisbane Opening

Star confirmed the new opening date in a filing this week, with the group’s CEO and managing director Robbie Cooke saying that while they’re disappointed by the delay, it would be worth the wait.

Cooke said the property has been under similar pressures experienced by other major infrastructure projects in Australia. Looking at the latest construction updates, Queen’s Wharf Brisbane won’t be ready yet to open its doors this year as earlier planned.

Star has joined forces with Hong-Kong based firms Far East Consortium International Ltd and Chow Tai Fook Enterprises Ltd to build the integrated resort on William Street in the central district of Brisbane in Queensland, Australia.

The mega project is being developed by Destination Brisbane Consortium, which is 50 percent owned by Star. Its Hong-Kong based partners own the other half of the venture.

The recently-announced 2024 opening date represents a further delay from the original mid-2023 time frame. In July 2022, Star postponed the opening to the second half of this year due to an increase in development costs, bad weather conditions, and the impact of the COVID-19 pandemic.

Queen’s Wharf Brisbane was initially estimated to cost AUD2.6 billion (US$1.7 billion), but the company disclosed in July last year that total costs for the project would rise by around 10 percent because of high construction material costs, supply chain challenges, labour shortages, and other issues. Star and its partners would fund the majority of the increase in expected costs via additional equity contributions.

Star Dealing with Legal Troubles in Australia

Star is looking forward to opening its newest casino development in Australia as it tries to rebuild its reputation in the country. In October 2022, the casino operator was found unfit to hold a gaming license in Queensland where it runs two casinos, The Star Gold Coast and The Treasury Brisbane.

A review of Star’s Queensland casino operations, led by former judge Robert Gotterson, found serious failings, particularly in the hosting of junkets and the company’s anti-money laundering policies.

Star’s Queensland licenses were subsequently suspended for 90 days, with a special manager appointed by the government to monitor its operations in the state. It also received a massive fine amounting to AUD100 million.