Star Entertainment Group timeline of events since 2015
What does the future hold for Star Entertainment Group? That’s been the billion dollar question after a decade of ups and downs. SPECIAL REPORT
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What does the future hold for Star Entertainment Group?
That’s been the billion dollar question as the embattled casino giant lurched from one crisis to another in the past decade.
In January 2025 the boss of Star pleaded for more “time and support” to reset the company, saying “it’s complicated” but he was confident it can recover.
As 9000 staff nervously await news of what’s next for a company that could fall into administration, take a look back at the chain of events that led the Star down this path.
Dating back to 2015, this is the winding tale of a casino giant >>>
August 2015
The owner of The Star casino was set to name all its Australian resorts after the Sydney venue.
Echo Entertainment asked shareholders to change the company’s name to The Star Entertainment Group.
The single brand – including Gold Coast’s Jupiters casino – was designed to assist the company market the resorts, particularly to Asian tourists and high-rollers.
The move would also lead to a new logo and look for The Star at Pyrmont.
■ Full list of The Star’s assets
November 2015
It was revealed the Star Entertainment Group and its joint venture partners will pay the Queensland government $272 million for winning the right to build the Queen’s Wharf casino and resort.
EGP The government and Star released the financials of the deal, which also includes minimum guaranteed state gaming tax payments to the state government of $880m over the first 10 years of operation.
Premier Annastacia Palaszczuk and Star chairman John O’Neill signed the final contract for the major development on the Brisbane CBD waterfront.
Far East Consortium and Chow Tai Fook The Star, formerly Echo Entertainment Group, had joined forces with Hong Kong giants to form the Destination Brisbane Consortium, which was awarded the contract to build the $3 billion development.
February 2016
Star Entertainment Group chief executive Matt Bekier called for more four to five-star hotel rooms in Queensland to cope with a surge in tourists from China and India.
Mr Bekier said there would be an additional 1.4 million tourists coming into the city when the Queen’s Wharf project was completed in 2022.
“The airlines are bringing in more people but we have to build the capacity,” Mr Bekier said.
“Australia has just passed the one-millionth Chinese tourist but we are not even in the Top 10 destinations for visitors from China.”
He said the lack of investment in hotels and resorts sometimes related to local government planning priorities, with preference often given to residential development.
Meanwhile Star continued its aggressive expansion, adding a $500 million Gold Coast development to a list of projects under way with its major Chinese partners.
May 2016
Casino operator The Star Entertainment Group said it was experiencing good demand at all its properties.
The company – which operates The Star casino in Sydney, the Treasury casino in Brisbane, and Jupiters Gold Coast – said gross gaming revenue, excluding its high-roller gaming operations, was up 6.1 per cent compared with the four months to the end of April the previous year.
Turnover from international VIP gamblers was in line with management’s expectations.
Star shares closed down 5.08 per cent at $5.61.
January 2017
Operators of Brisbane’s $3 billion Queens Wharf casino resort will be able to offer unlimited gaming tables and their electronic equivalents in southeast Queensland’s already saturated gambling market, it was revealed.
The Palaszczuk government’s licensing deal allowed an uncapped number of actual or electronic tables — which includes automated versions of baccarat and roulette — that have been called the “crack cocaine” of gaming.
Australian Churches Gambling Taskforce chairman Tim Costello said the electronic derivatives of casino table games were “no different” to poker machines.
“Like pokies, these are the crack cocaine of gambling,” he said. “Terminals are the next generation of pokies.”
■ Everything you need to know about The Star
May 2017
Star Entertainment Group chief executive Matt Bekier warned the “exuberance” enjoyed in the domestic gaming market over the past few years had disappeared, with growth slowing.
Mr Bekier said 2014 to 2016 had been good years with “very strong” growth.
“The last six months Victoria has reported negative numbers; Queensland is flat and we’re waiting for market numbers in NSW but from what we have seen they have probably gone backwards as well,” he said.
“That exuberance in the gaming market has just disappeared, which means even if you’re winning share, your growth rate is going to be a little less than what it used to be.”
February 2018
The Star Entertainment Group was down on its luck with the casino operator’s win rate against highrolling VIP gamblers crumbling in the first- half of 2017/18.
The Star’s reported profit for the six months to December 31 had slumped 76.8 per to $32.9 million, mainly due to an abnormally low win rate in the group’s international VIP rebate business.
The actual win rate for the half fell to 1.06 per cent, compared with1.62 per cent a year earlier and the average of 1.35 per cent.
The Star’s bottom line also took a $32 million hit as the group restructured debt, replacing some expensive US private placement bonds with others that had lower interest payments. Excluding the abnormal win rate and one-off items, The Star’s “normalised” net profit rose 12.4 per cent to $120 million.
June 2019
The Star Entertainment Group started telling up to 20 per cent of its salaried staff they no longer have jobs as two major shareholders offloaded more than 25 million shares in the company.
A spokesman said “the process had commenced” for the group’s cost cutting, and those whose roles had been terminated had been informed.
It announced it would cut up to 20 per cent of its 2000 staff as softening conditions impacted its bottom line.
Shares plunged almost 16 per cent to $3.80 and closed flat at $3.82. The Commonwealth Bank decreased its stake in Star from 7.18 per cent to 5.61 per cent. Perpetual decreased its stake from 9.57 per cent to 8.35 per cent.
March 2020
The Star Entertainment Group was the latest among listed firms to stand down the bulk of its workforce, with 8100 staff suspended following the closure of its food, beverage, conferencing, and gaming facilities due to Covid.
The company said its casino operations in Sydney, Gold Coast and Brisbane had been severely curtailed following government-imposed bans on gatherings and non-essential services, necessitating a temporary stand-down of 90 per cent of its staff.
The Star provided two weeks of paid pandemic leave and employees will be able to access any accrued annual and long service leave entitlements. Hotel accommodation services remained open in a reduced capacity.
May 2020
Star Entertainment Group secured $1.6 billion to start work on the $3.6 billion Queen’s Wharf Brisbane development.
In an announcement to the ASX, Star Entertainment said the debt facility funding agreement had been executed with its joint venture partners in the Destination Brisbane Consortium.
The $1.6 billion agreement will allow The Star to progress the mammoth development, with the account to be substantially drawn down in early 2021 to fund construction.
The Star Entertainment Group also said the Queens Wharf Brisbane project remains on time and budget despite Covid.
Privately-owned Destination Brisbane Consortium, which includes Star Entertainment Group, developers Far East Consortium and Hong Kong-based Chow Tai Fook, expected the project to be completed in 2022.
By September 2020 Star stood down the bulk of its workforce – 8100 workers were suspended.
June 2021
Casino giant The Star Entertainment Group embarked on a huge recruitment drive with hundreds of positions to be filled before the opening of the $3.6 billion Queen’s Wharf project.
Star chief executive Matt Bekier said the project would be a big job generator across Brisbane, with the company currently advertising 690 roles that needed to be filled, including for chefs and wait staff.
Mr Bekier said it was important to get international borders open as soon as possible, not only to help with a recovery in tourism but with recruitment of staff.
In July Star withdrew its $12bn merger offer for rival Crown Resorts, citing questions raised over the future of the Melbourne casino licence and a lack of engagement from its board.
August 2021
Star Entertainment Group offloaded a VIP jet and sell interests in its Brisbane and Sydney buildings as it continued to grapple with long-term shutdowns and closed domestic and international borders.
Revealing its full-year financial results, The Star reported net profit of $57.9m, a turnaround from the $95m loss reported in the previous financial year.
The company said it planned to continue improving its balance sheet by reducing operating expenses – down 11 per cent to $740m – by selling assets.
By October Star was staring down the barrel of two proposed shareholder class actions after its share price dropped more than 20 per cent the previous week.
February 2022
Star widened its half-year loss to $73.7m from $51.2m a year earlier, as pandemic-induced shutdowns continued to bite.
In its half-year results, The Star said it would not pay a dividend for the six months to December 31, as earnings before significant items fell 87 per cent, to $31m.
There were glimmers of light among the losses, with non-gaming revenue up 10 per cent overall and 35 per cent on the Gold Coast; with the Dorsett launching successfully and pre-sales on tower two of its Broadbeach Island residential development already at 92 per cent.
The bottom line was further boosted by the sale of the company’s $40m VIP jet.
Chairman John O’Neill AO said the group continued to push through despite ongoing Covid-related challenges.
July 2022
Star further pushed back the opening of its Queen’s Wharf Brisbane resort development, as rain and pandemic impacts drove cost hikes and time delays.
The project was now slated to open in the second half of 2023, at a higher cost, The Star told investors in a market update.
It puts the opening as much as 12 months or more behind its original timeline, after a previous delay until the first half of the 2023 calendar year was flagged in February.
Costs will increase by about 10 per cent on the prior $2.6bn guidance due to escalating construction material costs, labour shortages, supply chain challenges and the program delay as well as the inclusion of capital equipment required to open the IRD.
October 2022
Star was deemed unsuitable to hold its casino licences in Queensland after a damning inquiry, putting the operational future of Brisbane’s $3.6bn Queens Wharf project under a cloud.
The gambling giant was issued a show cause notice and had to explain why the state government should not – at worst – rip-up its licences on the Gold Coast where it has a $2 billion masterplan underway at its Broadbeach island site and in Brisbane.
But gambling reform advocates said it was unlikely Star would be neutered in Queensland because the operator had too much influence on politics and was “too big to fail”.
In December Star copped a massive fine and was given 12 months to “get its house in order” in order to why it shouldn’t face a 90-day license suspension in Queensland.
February 2023
Law firm Phi Finney McDonald (PFM) filed a class action on behalf of shareholders against The Star Entertainment Group, arguing its share price was inflated due to breaches of continuous disclosure obligations and misleading and deceptive conduct.
PFM filed the action in the Supreme Court of Victoria, claiming Star failed to inform investors of systemic noncompliance with anti-money laundering and counter-terrorism law, conduct disguising gambling money as hotel expenses, and other contraventions.
It said the lawsuit aimed to recover losses on behalf of investors who purchased or held shares during the period from March 29, 2016, until June 13, 2022.
June 2023
Embattled Star suffered a double blow to its revenue prospects as the NSW government confirmed plans to push ahead with its controversial casino tax increases, and a major property deal fell through in Queensland.
Star was looking for a new buyer for its heritage-listed Treasury Casino and Hotel buildings in Brisbane after Charter Hall backed out of a long-term $248m deal.
The latest setback followed The Star pushing back its opening date for the $3.6bn Queen’s Wharf in Brisbane to the following year.
February 2024
Shares in The Star Entertainment Group plummeted almost 20 per cent after the embattled gaming giant delayed the release of its interim results as it faces another probe into whether it can keep its Sydney casino licence.
The NSW Independent Casino Commission (NICC) announced a second inquiry into Star’s suitability to operate the casino, amid concerns it was not moving quickly enough to reform its business.
The shares closed 19.6 per cent lower at 45c, after dipping to 41.5c, following Star’s announcement that it was deferring the scheduled release of its interim results to consider the financial impact of the latest probe.
An external manager had been running the casino since October 2022 when an independent inquiry concluded that the gaming giant had set up an “inherently deceptive and unethical process”.
May 2024
Star Entertainment Group entered a trading halt after confirming it had received a “number” of takeover bids.
It came as the casino operator faced scrutiny from multiple state government inquiries in addition to sanctions.
Star confirmed “confidential, unsolicited, preliminary and non-binding” interest in the business had been received but a spokesman appeared to downplay these bids.
“The company has received inbound interest from a number of other external parties regarding potential transactions, including a consortium of investors which includes the entity Hard Rock Hotels and Resorts (Pacific), which The Star understands is a local partner of Hard Rock,” an ASX announcement read.
September 2024
The Star Entertainment Group was suspended from trading on the ASX amid a deepening financial crisis linked to regulatory failures at its troubled casino operations.
The ASX announced that it was suspending The Star from quotation on the stock exchange for not lodging its annual financial results in time.
The Star, which had seen its share price halve in the past 12 months, went into a trading halt after the NSW Independent Casino Commission (NICC) released the findings of the Bell II inquiry.
Star was believed to be seeking investor support to prop up its ailing casino operations after the NICC said the Bell II report revealed the company remained unsuitable to hold a casino licence in Sydney.
December 2024
Embattled gaming giant Star Entertainment Group cleared a hurdle in its bid to keep afloat, confirming it has satisfied the conditions laid down to enable it to access the first $100m tranche of a rescue loan.
The company, which revealed a $27m loss before significant items in the first four months of the 2025 financial year, said the $100m drawdown from corporate lenders was expected to be received by December 9.
That cleared the way for the company to focus on meeting more stringent conditions set for the second $100m tranche by April 9 the following year.
In a market update Star said that under the terms of the facility, the proceeds of the $67.5m Treasury Casino sale in Brisbane to Griffith University must be placed into escrow, resulting in a net increase in cash for the company of about $37.1m after fees.
January 2025
A mystery Macau-based investor emerged as a substantial shareholder in Star Entertainment Group days after warnings the cash-strapped casino operator was close to collapse.
Wang Xingchun has spent about $30m since September to take a 5.52 per cent stake in Star.
It also emerged that Star’s attempt to raise almost $100m in asset sales to keep its doors open has taken a major blow.
Deals to offload the Treasury Hotel building and adjacent underground car park in Brisbane’s CBD failed to get over the line.
Amid the drama Queensland tourism leaders insisted the new Queen’s Wharf entertainment precinct remained critical to the industry.
A day later Star Entertainment’s chief executive issued last minute appeal to the NSW and Queensland government’s that without some relief on gaming taxes its casinos in both states could be placed into administration.
Without a lifeline from banks, the stricken casino operator could run out of cash as early as next month as it burns through nearly $50m a month.
But to save jobs the government needed to come to the table by putting a temporary pause on the payment of gaming taxes to help protect as many as 9000 hospitality and tourism jobs across its casinos in Sydney, Brisbane and the Gold Coast. However the casino boss does see a way forward.
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