The Star Brisbane First-look Reveals Luxury Hotel, Sports Bar & Ballroom

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About 2,000 people work at Star’s casino at Broadbeach on the Gold Coast. “It’s going to be important for both government and the Star casino, or whoever ends up taking that over, for it to be an ongoing viable solution.” Get the most out of your news with The Nightly app. Star has its flagship casino in Sydney — where it has already been forced to sell off sections of the complex to raise cash — and one on the Gold Coast.
The Star Brisbane Casino is the premier gaming and entertainment destination in Australia, located in the prestigious Queen’s Wharf precinct. 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. Brisbane’s resort and casino precinct Queen’s Wharf opened in August 2024 but faced financial woes before and after. A Tax Calculator is provided below to assist shareholders in calculating the Australian capital gains tax cost base allocation for Tabcorp shares and The Star Entertainment Group shares. 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. The Star Entertainment Group announced on 5 April 2016 share sale facilities that provided eligible small shareholders the opportunity to sell their shares without incurring any brokerage or handling costs.
Experts say the distressed company is likely to enter voluntary administration as its attempts to secure a financial lifeline go down to the wire. Star Entertainment is falling into deeper financial trouble and its pockets are empty. “If the Queen’s Wharf deal falls over, we will return to the situation of Star Entertainment having to fund 50 per cent of the completion of the Queen’s Wharf complex. Chow Tai Fook Enterprises and Far East Consortium co-own the Queen’s Wharf casino development with Star Entertainment.
“We’ve obviously been working with them over a period of time on a range of issues, including the importance of the employment that’s there, and we’ll continue to do so.” “Debts that are owed must be paid and we are happy to talk about into the future, about opportunities for whoever might run that business, about opportunities to grow and thrive in Queensland,” he said. With the future of the casino having been in limbo for months, Mr Jones said it was taking its toll on Star’s employees.
Star is also facing potential penalties after a 2021 investigation by Australia’s financial intelligence agency (AUSTRAC) and the New South Wales Independent Casino Commission, found it breached anti-money laundering regulations. That debt facility, of which Star owns 50 per cent, has a current drawn balance of $1.4 billion. “Additional equity may also be required as part of the the refinancing of the DBC debt facility which is due to expire in December,” the statement said. The termination of the deal means Star will have to pay their partners $10 million in proceeds from the DBC venture on top of the estimated $31 million for the payments made by the joint venture partners for their DBC equity. In its quarterly update posted to the ASX on Wednesday, the company flagged a deal was “unlikely” to go through before the July 31 deadline.