The Star hospitality operations in Queensland and NSW – including its hotel, restaurant and bars tenants – face an uncertain future if casino operator enters voluntary administration or has its administration enforced over poor financial results.
“All bets are off,” said one hospitality operator insider if its landlord, The Star sydney, goes under.
“It’s not pretty. Footfall is at record lows. It’s not good at all and morale is at its lowest as well,” the operator added. The combined forces of a new registered gaming card, capping punters at $5000, will push gamblers to pubs, The Star outlaying $300 million on compliance and facing further fines of anything from $130-$330 million, the future looks grim.
One high is that numbers, though, are expected to lift with the securing of MJ, the Michael Jackson musical, at the Lyric Theatre.
Meanwhile, at brisbane’s recently opened $3.6 billion Queen’s Wharf precinct, one operator said their operation was run as a tenant of Destination Brisbane Consortium, not the financially troubled casino operator itself.
“It’s…
