Mike O’Connor: Star Entertainment took a punt and lost big time
Star Entertainment took a punt and lost big time. Whatever happens now, life will roll on in the River City with or without a “game changer”, writes Mike O’Connor.
Opinion
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The Gold Lotto rainbow shone on our place this week with a windfall of $7 following on a $6 win the week before and an impressive $15 the week before that.
We are on a roll and it must be but a matter of time before we crack the Big One. Is $20 too much to hope for or joy of joys, $50? You have to be in it to win it.
Most of us are partial to the odd punt, a characteristic shared by casino operator Star Entertainment which bet it could circumvent the its legal obligations regarding money laundering and high roller gambling junket regulations and get away with it.
It lost big time with a Queensland inquiry led by the former court of appeal judge Robert Gotterson finding it was “unsuitable to hold a licence”, was focused on profit and money and had actively encouraged gamblers banned in NSW and Victoria to bet at its Queensland casinos.
Now, due to massive fines by regulatory authorities with more in the offing, reputational damage in the eyes of big punters and poor management it is now on the financial ropes.
It would take, you would reckon, a special talent to lose money running a casino in this country but it has proved all too easy for Star.
Suddenly from the sidelines there is a chorus of support for the company and its attendant Queens Wharf development as if somehow Star Entertainment is too big to be allowed to succumb to its myriad self-inflicted wounds.
If it does the sky will fall in, the Brisbane River will boil, birds will fall from the sky and the bell of the City Hall clock will begin tolling, presaging the end of the city as we know it.
Brisbane Economic Development Association boss Anthony Ryan says Queen’s Wharf was a game-changing destination that had redefined Brisbane’s skyline and forever changed the way Brisbane is viewed in the international market.
Really? If the world, or that very small percentage of it that has actually heard of Brisbane sees us as being defined by several tall buildings and a casino then we have an image problem.
Queensland Tourism Industry Council CEO Natassia Wheeler says Queen’s Wharf was “proof” Brisbane had become a world-class destination. With the greatest of respect, I’d challenge the concept that the building of a casino and its attendant infrastructure defines a world class city, whatever that overused term means. How about ambience, climate, transport, security, friendliness and a unique culture?
Brisbane Festival CEO Charlie Cush said Star’s support was “crucial” to bringing innovative new arts and cultural projects to life saying that “without their continued support, I personally believe that the arts and entertainment scene in Brisbane would face significant challenges.” No Star and our artistic scene withers on the vine? Once more with the greatest respect, I think not.
Let’s put this in perspective. Star didn’t develop this project to do us all a favour. It didn’t care one way or the other if to use another hackneyed expression it was a “game changer.” It did it to make money.
The subtext to all this is that the state government should become involved in a rescue operation. NSW Premier Chris Minns has said that after deferring poker machine duty rates and delaying limiting bets to $1000 per day last year, his government would provide no further assistance. “It has to be run on commercial grounds and it’s a matter for Star, their ownership and their management,” he said
Premier Crisafulli has been less explicit, reiterating that he is committed to looking after workers’ jobs without saying how he will do this.
Given the parlous state of Queensland’s finances thanks to the Three Stooges trinity of Palaszczuk-Miles-Dick any handouts, concessions or other taxpayer-funded subsidies would be a spectacular own goal and the first major misstep of his government.
Hundreds of companies large and small have gone under in recent years costing thousands of jobs but no one has suggested that the government come to their rescue.
The corporate world will sort out what happens to Queens Wharf. Whatever happens, life will roll on in the River City with or without a “game changer” and without us ever aspiring to the heady heights of finally being regarded as a “world class” city.
I’m ready to bet that without Star, we will continue to enjoy some of the best restaurants and bars in the nation and the ambience of a subtropical lifestyle that’s the envy of many. Any takers?
Originally published as Mike O’Connor: Star Entertainment took a punt and lost big time
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