The company confirmed months of speculation late on Friday by confirming the historic site would be sold to Griffith University for $67.5 million. "It's time all three governments sat down with the company and its Queen's Wharf joint venture partners and thrashed out one over-arching deal that sorts out the mess and resolves who will own and run the Sydney, Brisbane and Gold Coast casinos over the longer term," he said. The casino operator also remains embroiled in legal challenges, with the financial crimes regulator AUSTRAC seeking a $400 million penalty against the company for alleged money laundering, in a court case that kicked off earlier this month. Experts say the distressed company is likely to enter voluntary administration as its attempts to secure a financial lifeline go down to the wire. "Since the recent general meeting, the parties continued to negotiate with a view to finalising the long form documents but, as of this morning, have not reached an agreement on the outstanding commercial issues," the company said in a statement to the ASX.
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 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. I have been part of the company for over 21 years, serving in various capacities. Below, the 12,000sqm open-air Leisure Deck, perched 37 metres above street level, delivers resort-style amenities, event space and expansive lawns overlooking the city skyline.
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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. He believed the OLGR faced "a lot of pressure" to ensure the doors of a new casino could open last Thursday. Queensland's gambling regulator is facing questions over its licence approval for the new Star Brisbane casino two days before Star Entertainment Group was again ruled unsuitable to run a casino in New South Wales.
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After eight years of construction, the $3.6 billion Brisbane riverfront casino precinct will open as questions remain over its viability. "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." If Star Entertainment was to fall into administration, those administrators would take control of Star's assets, including Queen's Wharf, and its liabilities.
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