The suspension of Star Entertainment’s Gold Coast casino licence has been pushed back a full year despite a new report revealing remediation efforts at the troubled gaming company had been slower than expected.
The Gold Coast venue has been operating with a suspended licence and under the guidance of a special manager, similar to the Sydney operation, after damning inquiries into money laundering in Queensland and NSW found it was unsuitable to hold gaming licences.
The Queensland Liberal National government had been deferring the licence in shorter instalments since coming into office late last year as Attorney-General Deb Frecklington scrutinised the scandal-plagued company’s commitment to reform.
The Gold Coast venue operates with a suspended licence and under the guidance of a special manager.Credit: Paul Harris
Under special manager, Nicholas Weeks, Star, which also operates Brisbane’s Queen’s Wharf casino, has been assessed on its cultural reform, safer gambling, risk management, and financial crime compliance conduct.
The Crisafulli government said the latest report from Weeks showed the company had made steady improvements to its remediation efforts, despite progress being slower than anticipated due to its financial challenges.
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Star had been on the brink of collapse for many months after severe cost blowouts to its Queen’s Wharf precinct in Brisbane followed by continued weak revenue from its gaming ventures.
The precarious financial position led to the ASX-listed company selling its glitzy Brisbane precinct to its Hong-Kong based joint-venture partners and settling a $300 million bailout from US gaming giant Bally’s Corporation and billionaire Bruce Mathieson and his family, pending regulatory approval.
Deputy Premier Jarrod Bleijie, acting in the role of attorney general in Frecklington’s absence, revealed on Thursday afternoon the licence suspension would be deferred to September 30, 2026.
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