Gambling revenue down as Queen’s Wharf build cost nudges $4 billion

The Star Entertainment Group, which operates casinos in Australia and New Zealand, has reported a decline in gambling revenue from Queensland gamblers. This is due to increased competition from other gambling venues in the region, as well as changes in consumer behavior and preferences.

In addition to this, the company is also facing increased costs for its joint-venture mega project in the Brisbane CBD, known as Queen's Wharf. The cost of building the project has nudged $4 billion, which is significantly higher than initially estimated. This has put a strain on the company's finances and may impact its ability to invest in other projects or initiatives.

It's worth noting that the Star Entertainment Group is not the only casino operator facing challenges in Queensland. Other operators, such as Crown Resorts, have also reported declines in revenue from the region. This suggests that the overall gambling market in Queensland is experiencing some level of saturation and competition.

Despite these challenges, the Star Entertainment Group remains committed to its Queen's Wharf project and has stated that it will continue to invest in the development of the property. However, the company will need to carefully manage its costs and revenue streams in order to remain profitable and competitive in the long term.