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.
Comments