The troubled gambling company behind the casino at Queen’s Wharf is still refinancing its debts, cutting costs and selling assets in an effort to break even.
Having sold its lease on the former Treasury casino, which will eventually host Griffith University, The Star Entertainment Group plans to sell off its Treasury hotel lease and a car park by the end of the financial year.
Loading
The company released its annual report on Wednesday, having delayed its financial results and with an AGM not scheduled until next month.
The Star, which also operates the Gold Coast casino, sought tax relief from the former Miles Labor government but was unsuccessful. It remains to be seen whether it will approach the Crisafulli LNP government.
With its licence still suspended until December 20, and under the supervision of an external adviser, the company provided an updated remediation plan to Queensland’s Office of Liquor and Gaming Regulation in September. It is awaiting regulations to put mandatory carded play and daily patron cash limits into effect, which it expects to slash its earnings.
Deputy Premier Jarrod Bleijie has vowed to release a probity report into Chow Tai Fook, The Star’s partner at Queen’s Wharf, after the former government found no issue but the report was suppressed.
Read the full article here
