One of Australia’s biggest casino operators is facing the prospect of losing it all. With Star Entertainment facing an uncertain future, questions are being asked about what it means for the multi-billion-dollar Queen's Wharf precinct in Brisbane and facilities on the Gold Coast.
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00:00Analysts say that the casino giant needs a financial lifeline after revealing its cash
00:08reserves have gone down to 79 million at the end of 2024.
00:12So we know here in Queensland that Star runs operations in Brisbane and on the Gold Coast
00:19across the country.
00:20They have about 8,000 staff and we know that about 3,000 staff work here in the new development,
00:25the Queens Wharf development here in Brisbane.
00:28So it is essentially a waiting game seeing what happens with Star, but there has been
00:33concerns raised by the union.
00:35The United Workers Union says that there is uncertainty and frustration from staff as
00:41to what is going to be the future of their jobs.
00:45And we have also heard from the state government that they're looking to do what they can and
00:50essentially ensure that there's certainty and continuity for those staff members.
00:56But at this stage, we're just waiting to see what happens.
00:59It was a $3.6 billion precinct that opened here in Brisbane City, the Queens Wharf development
01:06in August last year.
01:08It has a massive gaming floor, a new casino, a sky deck, restaurants, pubs, and it was
01:13really touted as the crown jewel for Star.
01:18And they were really hoping to see a surge of patronage to that venue.
01:23So it has been a little bit of a shock here in Brisbane to see that there is now a cloud
01:28over its future and what will happen to the thousands of staff that it employs.
01:33And what's the state premier had to say about it all, Rachel?
01:37Well David Christopher Lee has spoken in the past few days.
01:39He says that his priority is for the workers.
01:42It's not for the staff members.
01:45But what he did say today, he was pressed for a little bit more detail.
01:50What could the support be for those workers?
01:53This is what he had to say at a press conference this morning.
01:56The Queensland Government's priority is the workers, not the corporate suits, not the
02:02people who sit around the board table of Star.
02:05My focus is on the workers who sit around the gaming table.
02:09And they need to know that our focus is to make sure there is continuity of service,
02:14whoever owns it, in whatever format.
02:18So David Christopher Lee there, the premier.
02:20He was pressed about what that could mean.
02:22Would it include maybe some tax concessions or payroll deferrals for the company?
02:28How would that support look?
02:29But he just reiterated that his focus was on staff.
02:33So we believe the Government is waiting to see what happens with Star.
02:38And we might find out in the coming weeks what happens with their financial position.