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In a dramatic turn of events at Brisbane’s $3.6 billion Queen’s Wharf precinct, recent reports now suggest that Crown Resorts, backed by Blackstone, could replace Star Entertainment as the casino operator—should Star’s Hong Kong partners—Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC)—successfully complete their takeover of Star’s 50% stake. The shift marks a seismic pivot in the management of one of Australia’s most prominent integrated resorts.

Negotiations originally saw CTFE and FEC strike a preliminary agreement in March to acquire Star's share of Queen’s Wharf for roughly AU$53 million and take on all associated debt. Under that arrangement, Star would've retained operational control of the casino until March 2026. However, ongoing regulatory concerns about Star’s suitability—stemming from anti-money laundering and governance failures—have driven CTFE and FEC to reconsider their plans.

An insider revealed to the Australian Financial Review that the Hong Kong partners "would prefer an operator like Crown that can clearly meet probity and suitability requirements". Crown is viewed favorably, having resolved regulatory issues in multiple states and held licenses in Melbourne, Sydney, and Perth, making it a compelling candidate for Queensland authorities.

Should Crown step in, it would mark its inaugural entry into Queensland, after being one of the original contenders for the Queen’s Wharf license a decade ago. Other operators—including SkyCity Entertainment (Adelaide) and Delaware North (Darwin)—have also been approached, but Crown remains the frontrunner.

Time is pressing. The Hong Kong partners have extended the deadline to July 31 to finalize terms. If Star fails to agree, it risks being hit with penalties approaching AU$36.5 million, forfeiting a tranche of funding, and relinquishing a 33.3% interest in Tower 1 of the development. Star, already grappling with over AU$1.4 billion in debt tied to the project, faces looming regulatory penalties up to AU$400 million—far exceeding a threshold Star warns could push it into financial collapse .

Adding another layer to this high-stakes drama, Star secured a lifeline in June when U.S.-based Bally’s Corp—including chairman Soo Kim and the Mathieson family—approved a AU$300 million rescue package. Bally’s is keen to assume casino operations at Queen’s Wharf and maintain Star’s operational hand, asserting, “We believe no one will be in a better position than ourselves to run these casinos”. But CTFE and FEC appear inclined toward ousting Star sooner, driven by nerves over probity and performance.

Should Crown take over, it would mark a defining expansion for the Blackstone-backed operator into Queensland—broadening its footprint beyond Melbourne, Perth, and Sydney. For CTFE and FEC, such a move would not only solve regulatory hurdles but also ensure the casino’s operations are backed by a credible and stable brand.

That said, any operator must still pass Queensland’s rigorous licensing and suitability checks. Even a Crown takeover would require regulatory approval before the transition can happen in early 2026.

As July 31 approaches, Star is running out of room. Whether Bally’s, Crown or another contender takes control, the resolution of this casino operator saga will significantly reshape Queen’s Wharf’s future—and ripple across Brisbane’s hospitality, gaming, and regulatory landscape.