Currently, Star and its Chinese venture partners pay a fee for Star to run the casino. The latest Chinese offer could involve CTF and FEC taking over almost $740 million in debt from Star and paying hundreds of millions to complete the Brisbane casino development. Day one of the corporate watchdog's case against Star Entertainment has begun in a Sydney court. But the then-Miles government found CTF was still suitable to hold a casino licence, arguing its lack of "candour and fulsomeness" with the regulator was due to "differences in cultural and organisational expectations".
On Tuesday, a fresh notice showed his shareholding had increased from 5.5 per cent to 6.52 per cent. Macau and Melbourne-based gaming industry consultant Ben Lee said the collapse of Star could force the Queensland government to rely on the Chinese investors to prop up the casino venture. Mr Costello said governments in Australia had made the mistake of backing in "massive downtown casinos" like Queen's Wharf, which relied on high rollers that are no longer coming.
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