Queen's Wharf job fears as Star seeks approval for casino deal

"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.
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.
"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 Treasury Casino opening hours Brisbane there.
The Trans and gender-diverse communities are starting to feel vulnerable, so let’s continue to work on making The Star a safe and inclusive place for everyone, esp., for trans and gender-diverse team members. Without the dedication of the Proud team, we would never have been able to achieve what we had. It was an absolute joy to see the collaboration from all the stakeholders and how their team welcomed them with open arms. Secondly, I was invited to help reintroduce a team member who was affirming their gender to their department. In turn, I aspired to be that source of encouragement and affirmation for others, fostering an environment where authenticity is celebrated and safeguarded. My journey with Spectrum/Proud began during the marriage plebiscite, a time that placed the LGBTQI+ communities under intense scrutiny.
By the time its new Brisbane casino opened on August 29, 2024, that had plummeted to 57 cents a share, making it difficult for the company to raise funds and keep its new business operating. In all, the casino, four hotels, retail venues and restaurant spaces would cost an estimated $3.6 billion — Queensland's biggest ever infrastructure project. If you missed the opportunity to buy off the plan, now is the time to explore available resale apartments at Queen’s Wharf Residences. For buyers looking to secure a foothold in the city’s future, Queen’s Wharf Residences is more than a home, it’s a destination.
The precinct’s new pedestrian links, public spaces, and improved transport connections, including future Cross River Rail access, ensure seamless access across the CBD and beyond. Located on the banks of the Brisbane River, the newly activated precinct is already home to a growing mix of bars, restaurants, and boutique retail, with more opening on a regular basis. Far East Consortium is proud to announce the completion of Queen’s Wharf Residences, a milestone project within Brisbane’s $3.6 billion Queen’s Wharf integrated resort development. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Eligible shareholders who wished to sell their shares under the Voluntary Share Sale Facility were required to return a Sale Instruction Form by the Closing Date. On 5 April 2016, eligible shareholders were sent a letter together with a Share Retention Form (for the Small Holding Sale Facility) or a Sale Instruction Form (for the Voluntary Share Sale Facility), and Terms and Conditions for the relevant share sale facility.
Brisbane's resort and casino precinct Queen's Wharf opened in August 2024 but faced financial woes before and after. More than just a building, it’s a gateway to a world-class lifestyle, one that blends luxury living with direct access to the city’s best experiences. Whether you’re looking for a luxury city home or a premium investment in one of Brisbane’s most connected locations, these residences represent unmatched value and potential. The ongoing activation of the Queen’s Wharf precinct, combined with Brisbane’s strong property fundamentals and Olympic momentum, make this an exceptional investment opportunity.
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.