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

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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.
Mr Costello said the Queensland government “should be ruling out up-front, clearly” the prospect of Chow Tai Fook lifting its stake in the Brisbane casino. “As soon as the dirty money from the triads and the junkets in their whole high roller business was stopped because of the Royal Commission, their viability is very questionable,” he said. Another source said Star’s minimum fee was $40 million a year for 50 years, a “staggering amount of money for a second-tier city like Brisbane” but based on the idea the casino would lure wealthy Chinese gamblers. Star has been seeking a financial lifeline in recent months, after revealing its cash reserves sank to just $79 million at the end of 2024. Industry sources familiar with the talks told the ABC a sticking point was the fee that casino owners had to pay Star for running Queen’s Wharf.
The one thing that is missing from the facility is the chance to enjoy electronic gaming. There’s plenty of casino action available at the Star, as well as great dining, luxury accommodations, and engaging entertainment. With its strategic locations in Sydney, Brisbane, and the Gold Coast, The Star Casino offers a unique blend of gaming, dining, and entertainment options that cater to a wide range of preferences and tastes.
In September last year, Star’s directors started getting advice on “safe harbour” provisions provided by the Corporations Act that would protect them from being personally liable for candy96.fun debts in the event that it cannot stay solvent. Before signing the accounts, a board of directors must be satisfied that the company is a “going concern” – that it can pay its debts when they fall due. Star chief executive Steve McCann has unsuccessfully tried to coax lenders, state governments and investors into giving the embattled casino operator the time and cash needed to work through its challenges.
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.
Months later, the ABC obtained a confidential investor document showing Chow Tai Fook remained a partner with Suncity in the Vietnam casino via a subsidiary. It distanced itself from the Hoiana casino the next year, but maintained a hidden involvement it repeatedly and falsely denied. Chow Tai Fook owned a stake with Chau in a casino venture in Vietnam. With no ongoing link to Chau, however, its key personnel for the Brisbane casino were deemed suitable in 2015.
Now, the two firms have issued Star with a notice to terminate the deal. The group’s joint venture partners have threatened to walk away from the agreement struck to sell its stake in the Queen’s Wharf casino and hotel complex. The notice to terminate the transaction comes into effect in five business days, on Monday July 7, unless withdrawn prior. The Hong Kong investors poised to buy Star out of Brisbane’s Queen’s Wharf development have threatened to walk away from the deal that was first inked back in March. Shareholders last week voted to approve a $300 million rescue package, which gives US casino firm Bally’s a major stake in Star.
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.