Star Casino Deal in Peril as Partners Threaten to Walk
For a more elevated experience, The Club offers an exclusive area for Gold Members and higher tiers of The Star Club, featuring high-limit and private gaming tables that provide an intimate and luxurious gaming environment. American casino giant Bally’s Corporation and the billionaire Mathieson family are waiting on probity approvals to take control of Star, which has faced extreme financial pressure over the past 18 months. Star owns casinos in Brisbane, the Gold Coast and Sydney, and employs thousands of workers.
If Australian casinos are struggling, it’s not because punters are giving up gambling. Whereas most of the gambling market recovered rapidly after the end of pandemic restrictions, casinos floundered. Whatever happens to it and its casino assets, there are bigger questions about whether the age of unfettered gambling revenue for casinos may have already Blackcoin ended. Mathieson is Star’s largest shareholder with a stake of about 10%, according to the company’s latest annual report. Mathieson runs his poker machine and pub empire, Australian Liquor and Hospitality, in a joint venture with supermarket giant Woolworths.
Last month, the company said it is exploring various options to increase its liquidity, including the sale of its stake in the Brisbane integrated casino resort complex, as it has limited capacity to raise A$150 million in subordinated debt. This funding is a crucial requirement for unlocking an additional A$100 million loan. The company’s share price has tanked, and the business, with its three casino properties, has been bleeding money. Star Entertainment will sell its stake in the new Queen’s Wharf casino and entertainment complex in Brisbane, a deal that will give the company enough cash to stave off collapse for several months. The move to cashless gaming in NSW, with Queensland to follow, is already eating into its lucrative poker machine revenue. The next 24 hours will be crucial for the casino operator, which was forced to delay the announcement of its full-year results on Friday.According to the Australian Financial Review, Chow Tai Fook Enterprises and Far East Consortium, who each own 25% of Queen’s Wharf, want to replace Star as casino operator by early 2026. Macau casinos will shut down temporarily as a precautionary measure should Super Typhoon Ragasa escalate to Signal No. 8 on September 23-24. DICJ ordered the closure of all casinos once the typhoon activated Signal No. 8, which escalated to Signal No. 10 as winds reached 118+km/h. Macau casinos hit MOP5.5 billion thanks to Golden Week, with 790,000 visitors in the first five days, topping tourism authorities’ forecast of 750,000. Sri Lanka’s GRA establishes unified regulation of land-based and online gambling amid rising taxes, with up to 70% of casino activity now digital.
In Queensland, maximum bets on pokies in casinos have no strict limit, and payouts can be massive. Guests can enjoy live music performances, spectacular shows, open-air cinema nights, themed parties, and gourmet dining events. The Sky Deck offers breathtaking panoramic views of Brisbane, while world-class restaurants and bars deliver unforgettable culinary experiences. The Star Brisbane Casino is the premier gaming and entertainment destination in Australia, located in the prestigious Queen’s Wharf precinct.An August 2022 report from the Australian Broadcasting Corp had reiterated long-standing links between the Cheng family – the founder of Chow Tai Fook Enterprises – and the late Stanley Ho Hung Sun, founder of Macau casino operator SJM Holdings Ltd. Mr Ho had been subject to scrutiny by authorities in several countries, over alleged links to Chinese organised crime groups The list for the progressive opening included the “main casino floor and premium gaming rooms”, as well as the “The Star Grand” hotel. One percent of the casino's gross gaming revenue was deposited in the Jupiters Casino Community Benefit Fund. This fund supported non-profit community-based groups and is administered by the Government of Queensland. “Any deal that promises to keep venues in Brisbane, the Gold Coast and Sydney operating as a going concern is a good result for the Star workers, their families and the communities they live in,” the union’s casino director Andrew Jones said. In April 2025, Bally’s will make its UK debut by opening its first-ever casino at The Gate, one of Newcastle’s premier entertainment hubs, according to their website.
DigiPlus Q3 net income plunged 59% to PHP1.71 billion, as 14 people were arrested for 5.3T won illegal gambling site using overseas casino streams. The company reported net gaming revenue of HK$6.54B (US$84M), down 6.5%, and total net revenue of HK$7.03B (US$905M), down 6.2%. The broadly backed gaming tax hike faces some opposition, with critics warning of pricing out smaller firms as larger operators dominate. Queensland regulators face pressure as CTFE and FEC’s ability to hold a casino license comes under examination. The scrutiny is fueled by historical reports of their executives’ ties to controversial junket figures. Although no formal barriers exist, the inquiry raises some doubts about the operational transition plans.The Queensland LNP government released a sensitive report into Star’s Brisbane casino business partner. The ASX-listed casino giant remains in talks with Hong Kong-based investors Chow Tai Fook Enterprises and Far East Consortium about the sale of its stake despite the parties failing to reach an agreement after months of negotiations. Star Entertainment is scrambling to offload its 50 per cent stake in the Queen’s Wharf hotel and casino complex after an initial deal to sell out imploded at the eleventh hour.
Star Entertainment Group’s Hong Kong partners are reportedly looking to replace Star with its local rival Crown Resorts as operator of the casino at Queen’s Wharf Brisbane should the partners complete a deal to acquire Star’s 50% stake in the integrated resort. Bally’s – which owns 19 casinos in the US – and the Mathieson family had been waiting on the approval to take control of the company as majority owners, five months after shareholders approved a $300 million deal. Embattled Australian casino operator Star Entertainment has received the all-clear to proceed with an AU$300m (US$193m) rescue package from US firm Bally’s Corporation and Investment Holdings Pty Ltd. The latter is a company that Australian pub magnate Bruce Mathieson controls, alongside his family. The Hong Kong partners will pay A$53 million ($33.4 million) for Star’s 50% stake in the Brisbane integrated casino complex, Hong Kong-listed Far East said in a statement late Friday. Star will immediately receive A$35 million, injecting much needed cash to the embattled company, which counts Australian billionaire Bruce Mathieson among its shareholders.