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The Queen’s Wharf project is 50% of Synder Holdings, Hong Kong-owned company Far East Development and The controversial Chow Tai Fook Each has 25%.this “Integrated Resort” Replacing the Treasury grounds, it is expected to include a moonlit cinema, shops, about 50 new restaurants and four luxury hotels.
This is the fourth time the Star has revised its opening date since February 2022. The gaming giant told investors last July that material costs, COVID-19 and heavy rainfall would delay the multibillion-dollar project by six months and lead to a 10% increase in costs.
In February 2023, Star’s COO Kelvin Dodt said it would open before the end of the year.
Across the construction industry, some operators are closing down or delaying new projects.
Construction giant Multiplex, which began construction of the Queens Wharf facility in mid-2019, has lodged claims for additional costs, delays and damage, which Star and its joint venture partners dispute.
The project comes at a time when Star is under intense financial pressure elsewhere.The gaming giant may finally be Financial crime watchdog slaps hefty fine Facing the prospect of a NSW casino tax increase over alleged breaches of anti-money laundering and anti-terrorism laws.
In April, Star announced it was cutting hundreds of jobs and freezing executive salaries, blaming the decision on low revenues at its Queensland and Sydney casinos.
Shares closed at $1.19, up 1.7%.
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