Australia: Star Entertainment says high-rollers and Queensland businesses drive its revenue

As the company revealed revenue is being driven by high-roller costumers and Queensland businesses, Star chief executive Matt Bekier said tenders would be released in the next month for the first phase of Queen’s Wharf, with additional restaurant and retail areas planned.

The basement and foundations of the 13ha project will be laid down next year with above ground construction to start in 2020, The Courier Mail reports

“The floor area will be bigger than originally planned with increased food and beverage and retail,” Mr Bekier said. “This reflects the confidence we have in Brisbane and Queensland.”

Mr Bekier said the state’s economy was being helped by stronger tourism numbers and higher interstate migration. Construction of a new accommodation tower at its Gold Coast casino would start in August, but the company was seeking greater clarity from the State Government on whether another casino license would be issued for the tourist strip.

Queensland Tourism Industry Development Minister Kate Jones is about to travel to Las Vegas and Macau to meet potential proponents of new resorts.

Mr Bekier said he did not believe the Gold Coast needed another casino resort, with Star planning four more towers of up to 74 storeys at its existing Broadbeach site. No more pokies are proposed at the site.

“We are comfortable with the investment in (the new) tower but we will need further clarity before we pull the trigger on further investment,” he said. “We are business people and have to look at the competitive environment.”

The company reported a 77 percent decline in first-half profit in February after an unusually lucky streak by overseas high-roller gamblers. Its shares dropped 3.02 percent to $5.14 on Monday.