Casino at Queen's Wharf in Brisbane won't open until the second part of 2023
The $2.8 billion Queen's Wharf Brisbane development's casino launch has allegedly been delayed once more due to construction issues in Australia and according to The Star Entertainment Group Limited.
The casino operator reportedly started construction on the massive downtown Brisbane complex in March 2018 with the intention of having the facility's first stage open by the end of this year, according to a report from the InQueensland news service. This strategy, however, was later derailed by delays brought on by the coronavirus epidemic before being further delayed as a result of recent bad weather, including heavy rain.
Brisbane-headquartered The Star Entertainment Group Limited is also in charge of the casinos at The Star Sydney and The Star Gold Coast. It has also allegedly said that it now anticipates the opening of its casino at Queen's Wharf Brisbane sometime in the second half of 2023. The project has accrued additional costs totaling about $181.3 million, according to the operator, which are attributed to "escalating construction material costs," "labour shortages," "supply chain issues," and "programme delay," as well as "inclusion of capital equipment related to open the integrated resort development."
With partners from Hong Kong, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited, The Star Entertainment Group Limited is reportedly building the entire Queen's Wharf Brisbane development and will ultimately own a commanding 50% stake in the finished product. The Queensland company allegedly revealed earlier that the project, which will be built on a 33-acre plot of land with a view of the Brisbane River, will eventually include four six-star hotels, 50 restaurants, bars, and cafes, up to 2,000 residential apartments, and a 4.1 million square foot casino with more than 2,500 slot machines and hundreds of gaming tables.
The Star Entertainment Group Limited is apparently about to come under investigation by Queensland authorities on long-standing claims that it may have participated in several cases of money laundering and fraud, which will only complicate matters further. The company's decision to sell its Treasury Brisbane location to local real estate developer Charter Hall Group for about $187.2 million in October and the potential completion of that transaction during the first half of next year are both purported triggers for the opening of this investigation.
However, Sydney-listed According to reports, The Star Entertainment Group Limited stated that its second-quarter gaming receipts increased by 11% when compared to the same three months in 2019 to reach $357 million, and that it optimistically expects to notch up nearly $1.06 billion in normalised revenues for the entire year 2022. The corporation allegedly concluded by stating that as a consequence, it would have about $802.3 million in net debt, $358 million in liquid assets, and $55.8 million in available cash.