This was published 2 years ago
Cards on the table: Queen’s Wharf delayed amid issues with builder
By Sean Parnell
Queen’s Wharf Brisbane, the $3.6 billion integrated casino and resort complex being built on the river opposite South Bank, has been hit by another delay.
Reporting its earnings on Thursday, The Star Entertainment Group advised that Queen’s Wharf was expected to open progressively from mid-2023.
The company had previously pushed the 2022 opening plan to early 2023, however a “revised construction schedule from the builder” has since forced another rethink - and raised the question of who should pay.
“The contract provides for liquidated damages based on this revised schedule, however the builder advised of a claim for an extension of time and costs in January 2022,” The Star told the market.
Another major project in the CBD, Waterfront Brisbane, has also been delayed.
The Star will vacate its existing Treasury Casino once Queen’s Wharf is ready, with the older building set to be converted to high-end retail.
The development is transforming another riverside stretch of the Brisbane CBD.Credit: Attila Csaszar
Pandemic-related restrictions and “softer CBD visitation” contributed to an 11 per cent half-yearly drop in revenue in Brisbane.
The company sold a VIP jet during the period, while its agreement to sell Treasury Casino, hotel and car park was worth $248 million. The Star will lease back the hotel and car park, and consider a similar sale and leaseback for its Gold Coast casino and Queen’s Wharf Brisbane.
The project is being delivered by Destination Brisbane Consortium, comprised of The Star and its Hong Kong-based partners, Chow Tai Fook Enterprises and Far East Consortium.