Crisafulli vows to support Queensland casino workers if Star falls
By Savannah Meacham
Queensland Premier David Crisafulli has vowed to support workers at the Brisbane and Gold Coast casinos if the Star Entertainment Group is placed under administration.
Shares in Star plunged by more than 19 per cent to an all-time low of 10.5¢ on Friday, building on the 20 per cent decline suffered on Thursday.
The embattled casino operator opened Brisbane’s $3.6 billion Queen’s Wharf precinct late last year, under a joint venture with Hong Kong-based Chow Tai Fook and the Far East Consortium through their Destination Brisbane Consortium.
Queensland Premier David Crisafulli has downplayed the prospect of government support for The Star Entertainment Group, but says the workers will be protected.Credit: AAPIMAGE
Queen’s Wharf has the potential to become a major tourism precinct ahead of the Brisbane 2032 Olympic and Paralympic Games, but still lacks the promised retail outlets and hotels.
The former state Labor government had ruled out a lifeline for the company’s Brisbane casino in the form of a tax deferral for Star.
On Friday, Crisafulli took a similar position, as he vowed to save jobs but not necessarily the company.
“I want Queenslanders to know that we’re not in the business of being concerned about the corporate suits who sit around a company,” he told reporters on Friday.
“Our focus is on the people who work there.”
Crisafulli’s decision comes after the casino operator revealed it had $79 million in available cash at year-end, after burning through $107 million in the final three months of 2024.
It has a potential lifeline in the form of a $100 million debt facility but has not been able to access that capital.
Without obtaining the lifeline, Star could be at risk of entering administration.
Crisafulli would not entertain any tax deferrals for the company and insisted the focus be on Queensland jobs.
“If you’re asking me whether or not I think it is a good use of taxpayer money to prop up individual companies, I would suggest to you the focus should be on individual workers,” he said.
If Star enters administration – Crisafulli would not speculate on the chances – it is unclear what the future of the Queen’s Wharf precinct will be.
The former government transferred the Brisbane casino licence from Star to the consortium, and appointed a special manager to oversee operations.
“Regardless of what happens with the ownership, our focus has to be on making sure there’s jobs,” Crisafulli said.
The LNP has promised to release a probity report into Chow Tai Fook – the company last year sued this masthead to prevent its publication – without giving a timeframe.
Crisafulli recommitted to its release, but said “there’s still some matters that are being investigated at the moment”.
The government has already delayed the suspension of Star’s licence until March 2025 to allow time to assess whether the company has improved its culture, introduced safer gambling and stamped out financial crime. That also applies to the consortium.
Star has more than 9000 employees on the east coast. It sold the lease on its former Brisbane casino building, and hopes to offload other assets including a Brisbane carpark.
AAP