The Star Entertainment Group has announced that the Treasury Brisbane Casino will cease operations at midnight on August 25, 2024. This closure marks a significant transition as the company prepares for the opening of the highly anticipated Queens Wharf Brisbane precinct, scheduled to begin on August 29, 2024. The successful handover and opening are subject to final regulatory approvals from the Office of Liquor and Gaming Regulation (OLGR).
Timeline of the Transition
The closing of Treasury Brisbane Casino and the opening of Queens Wharf Brisbane are key events in a major urban redevelopment project. The casino’s closure, effective at midnight on August 25, 2024, will pave the way for the debut of the new precinct, which is set to officially open on August 29, 2024. This timeline reflects a strategic shift by The Star Entertainment Group, moving from the older, established casino site to a modern, expansive development.
A $3.6 Billion Investment: Financial Implications
Queens Wharf Brisbane represents a substantial $3.6 billion investment by The Star Entertainment Group. This development is not only a financial milestone for the company but also a significant contribution to Brisbane’s economic landscape. The new precinct will feature a blend of residential, entertainment, and commercial spaces, aiming to attract both local and international visitors and stimulate economic growth in the region.
Regulatory and Investigative Background
The transition from Treasury Brisbane Casino to Queens Wharf Brisbane has been influenced by a detailed regulatory investigation. Chow Tai Fook Enterprises (CTFE), a major stakeholder in the development, faced a 16-month scrutiny by OLGR over concerns related to its alleged connections with Asia-based junkets, including the Suncity Group. In February 2024, OLGR cleared CTFE of any suitability issues, allowing the development to proceed without additional regulatory hurdles. This investigation was crucial in ensuring the project’s compliance with legal and operational standards.
Impact on Stakeholders and the Community
The closure of Treasury Brisbane Casino will have notable implications for various stakeholders, including patrons, employees, and the local community. As the casino shuts its doors, efforts will be made to ensure a smooth transition for those who have frequented the venue and worked there. Meanwhile, Queens Wharf Brisbane is anticipated to create new job opportunities and offer a range of fresh experiences, potentially revitalizing the area and bringing significant benefits to the local economy.
Future Prospects for Brisbane and The Star Entertainment Group
Queens Wharf Brisbane is set to become a central hub of activity, combining luxury living with top-tier entertainment and commercial spaces. This new development is expected to elevate Brisbane’s status as a premier destination for residents and tourists alike. For The Star Entertainment Group, the successful launch of Queens Wharf Brisbane will mark a new chapter in its history, demonstrating its resilience and commitment to enhancing the city’s entertainment and commercial offerings despite recent scrutiny and ongoing investigations.
The impending closure of Treasury Brisbane Casino and the upcoming opening of Queens Wharf Brisbane signify major changes for The Star Entertainment Group and the city of Brisbane. As the company transitions to its new development, attention will be focused on ensuring that the opening of Queens Wharf Brisbane is executed seamlessly, ushering in a new era of entertainment and commercial excellence in Brisbane.