Star Group CEO optimistic about Queen’s Wharf despite $33m loss
Star Entertainment Group lost $33 million in the last financial year as the fallout over damning reviews into the company’s operations continues.
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The embattled Star Entertainment Group behind the Queen’s Wharf casino development lost $33 million in the last financial year as the fallout over reviews into the company’s operations continues.
The Bell Review in NSW and the Gotterson Review in Queensland led to findings that Star was “unsuitable” to hold casino licences in Sydney, the Gold Coast and Brisbane.
Star was rocked by allegations including money laundering, fraud and other criminal activities linked to the group’s Sydney casino, with a number of high-profile executives resigning in the wake of the revelations.
Speaking at the company’s annual general meeting on the Gold Coast on Tuesday morning, group chairman Ben Heap apologised to shareholders for “letting you down” as the company grapples with the loss of casino licences in NSW and show cause notices why the same should not happen in Queensland.
New CEO Robbie Cooke announced a normalised net loss of $33m for the 2021-22 financial year, but said there were better times ahead, pointing to the “game-changing” developments at the Gold Coast and Queens Wharf precincts.
“This is an amazing business,” he said.
“We will transform our culture, be more transparent, have more robust governance, greater accountability, be open and honest with our regulators and act swiftly when issues arise.
“We need to earn back the trust and confidence of all our stakeholders.”
However, he remained optimistic over the long-awaited $3.6 billion Queen’s Wharf project and the expansion of the Gold Coast casino resort precinct.
“Queen’s Wharf is a transformational project,” he said.
“It will change the face of Brisbane - the list of offerings is stunning.”
He said the company’s Queensland casinos were “performing strongly” with domestic revenue significantly higher than pre-Covid.
Chairman Ben Heap also apologised to shareholders and staff for the controversy.
“To you, and to them, we’re sorry. We let you down,” he said.
“We fully understand the seriousness of that situation.”
Star has pledged to make sweeping reforms of casino operations.
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