Industry Shakeup Could Reshape Casino Holdings in Brisbane
The gaming landscape in Queensland could see a dramatic shift as The Star Entertainment Group moves forward with plans to divest its 50% stake in the Queens Wharf Brisbane casino project. Among the top contenders for the coveted property is Crown Resorts, which, if successful, would mark its long-awaited expansion into the Queensland market — a region it currently does not operate in.
Queens Wharf Ownership Dynamics
The Star shares ownership of Queens Wharf with joint venture partners Chow Tai Fook Enterprises and Far East Consortium, who each hold a 25% stake. Star has initiated negotiations to sell its portion to these partners, but long-term control of the property remains open — with Crown Resorts, SkyCity, and Delaware North emerging as potential suitors if Chow Tai Fook and Far East opt to resell or restructure operations.
As a Blackstone-owned entity, Crown holds considerable financial leverage and operational experience, giving it a competitive edge in the race to acquire the high-profile Brisbane development.
The Star’s Stalled Deal & Regulatory Turmoil
Star’s efforts to finalize the sale have been complicated by ongoing disputes, financial pressures, and mounting regulatory challenges. The sale agreement was recently extended, with Star facing a AUD 36.5 million penalty if it fails to close the deal by month’s end.
The operator has endured significant setbacks over recent years, including investigations into its licensing and compliance practices, which have impacted public confidence and diminished shareholder value. Star’s partnership with Bally’s Corporation offers a glimmer of recovery, but the divestment of Queens Wharf is seen as a crucial piece of its turnaround strategy.
What This Means for Crown and Queensland’s Casino Sector
If Crown secures the property, it would be a landmark acquisition, introducing one of Australia’s premier casino brands into Queensland for the first time. With the state’s tourism and infrastructure development in full swing, the timing could be strategic for Crown’s growth and portfolio diversification.
