There's growing uncertainty surrounding the future of thousands of Star Entertainment employees in Queensland as the casino giant faces financial woes. The company runs casinos in Brisbane, the Gold Coast and Sydney, but stock market analysts predict it’s on the brink of insolvency.
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00:00Star Entertainment's House of Cards is at risk of folding, sparking concern about its
00:08crown jewel, Queens Wharf.
00:10I feel for the employees. It opened to all the bells and whistles some months ago and
00:15now it's all thrown up in the air.
00:17Can't imagine that they've invested so much money and within months it's going to collapse.
00:23The $3.8 billion dollar precinct opened in Brisbane last year, boasting a sky deck, casino,
00:30luxury hotel, restaurants and bars, with more slated to open. Its future now unclear.
00:38This development is absolutely crucial in our landscape and our tourism industry. It's
00:43not just a tourism product, it's providing thousands of jobs.
00:46About 3,000 workers at Queens Wharf and 2,000 on the Gold Coast are at risk of losing their
00:52jobs.
00:53Workers are extremely worried and anxious about the state of the company. Also I'd add
00:58they're frustrated and they're a bit exhausted.
01:00Analysts say the casino giant needs a financial lifeline after revealing its cash reserves
01:06sunk to $79 million at the end of 2024. Star's books are in a dire state after being subjected
01:15to multiple inquiries and having to pay large fines.
01:19They have suffered a reduction in their revenue because of the end of their junket operation,
01:24their so-called VIP whale type operations from overseas.
01:29Casinos really are built to actually act in a predatory way. They are not a vital, necessary
01:38industry.
01:39The Queensland Government is unlikely to offer Star any help.
01:43My focus is on the workers who sit around the gaming table.
01:46All eyes are now on whether Star can extend a line of credit it received from a banking
01:51consortium last year and if it will be able to draw down another $100 million.
01:57In a statement, CEO Steve McCann says the company is exploring all viable options to
02:03strengthen its financial position.