Its stock is worth a small fraction of the $5-plus price it once traded at. Almost a decade ago, executives at Star Entertainment described the planned construction of the Queen’s Wharf casino in Brisbane as a "gamechanger" for the city and the gambling company. Certainly, overcapitalisation of new developments has played a part in casinos’ struggles. Crown Melbourne was effectively sold to Kerry Packer in 1998 on the back of its own financial issues. Media reporting, inquiries, and royal commissions into Crown, and then Star, give some insight into how the casino business used to be run in Australia.
The second Bell report was commissioned in February and released today by the NSW Independent Casino Commission (NICC). The company was at risk of entering administration in early March before securing a $200 million loan. citation needed The company was also able to sell Queen's Warf, receiving multi million dollar installments and fees to stave off administration, blackcoin.co following conflicting reports of collapsed negotiations. Bally's Corporation emerged as a possible bidder for the company in February of 2025. It had been reported that they sent representatives to meet with Star officials in Australia.