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

The gold didn’t enjoy much of a day with most miners in the red despite the gold price picking up in the afternoon session. The ASX 200 gained 0.5 per cent ahead of Donald Trump’s inauguration ceremony on Tuesday morning. The group’s joint venture Queen’s Wharf development in Brisbane will feature a new casino with a 99-year licence (and a 25-year exclusivity period) with completion due in late 2023.
This came as bad news with Star’s performance historically lagging behind Crown casino in Melbourne, with both revenue and earnings falling short of its competitor. This long history of underperformance continues despite Sydney being the country’s largest city and international gateway to Australia. The Motley Fool stands behind our products and our membership-fee-back guarantee. If for any reason you are not 100% satisfied with your premium subscription, simply notify us within the first 30 days and you won’t pay a cent.
ASX 200 investors are bidding up the Star Casino share price after the embattled company announced a major divestment. The Star FastPay online casino GDPR compliant in Sydney is the company’s core asset and historically generated approximately most of group earnings as the city’s only best online casino Australia mobile app. However, Star’s exclusivity in Sydney has come to an end with a second Sydney SOL casino free credits 2026 license issued to Crown Hotels top games Resorts, opening in August 2022. This is a major blow to Star, SkyCrown bonus codes ending its long-standing monopoly in Sydney. The fiscal 2024 collapse in earnings was considerably worse than estimated and development costs are set to be higher than anticipated.
But the collapse in revenue suggests the best online casino Australia for crypto operator’s business model was inherently reliant on money-laundering. Strip that out, and what remains is a business that will likely not survive without a white knight. Its shares rallied (13.6%) after the casino operator confirmed it had received bids to buy out its stake in Brisbane’s Queen’s Wharf development, as it warned of “material uncertainty” about its future prospects. The collapse in earnings since fiscal 2024 has indicated Star might not have sufficient liquidity to stay afloat amidst near-term earnings headwinds, the AUSTRAC fine and equity contributions to redevelopment.
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A trading update from executive chair Jack Cowin has raised investors’ confidence. Star had previously inked a deal to sell its Brisbane assets to its Hong Kong joint venture (JV) partners. Star told investors on Tuesday morning it had finally signed a deal with its Hong Kong partners — including one which was once linked to organised crime figures.