The $3.6bn Queen’s Wharf Brisbane integrated resort project of Star Entertainment Group, a troubled Australian casino operator, has now been delayed four times in the last 18 months.
Star released the information via ASX after Destination Brisbane Consortium, a subsidiary of Star’s that is partly owned by Star, advised the project’s opening date would likely be April 2024 instead of the original plan for late 2023.
Robbie Cooke, CEO and managing Director of the company said: “Our builder has carefully considered current progress.”
Queen’s Wharf is not immune to the pressures faced by other large infrastructure projects in Australia.
The transformation of Brisbane’s city centre has already taken eight years to develop and will certainly be worth the wait.
The Queen’s Wharf project will change the face of a city as it continues to draw the attention of people around the globe in preparation for the Olympic Games and Paralympic Games 2032.
Queen’s Wharf Development
Star has projected that Brisbane River development will bring in 1.39million visitors each year. The location, once completed, will feature over 50 cafes, bars and a ballroom with 1,500 seats.
DBC is owned by Star, its Hong Kong property developer Far East Consortium as well as holding company Chow Tai Fook Enterprises.
The Australian Broadcast Corporation has accused Chow Tai Fook in 2022 of having links to Chinese organized crime.
Star owns 50% of the project while each of its Asian partners holds 25%.
The casino operator announced in April that it was undergoing a new cost-cutting and restructuring initiative. The “significant and rapid decline in operating conditions” was the reason for this.
Star’s conduct has been investigated by a number or parliamentary committees.