The Australian gambling and entertainment giant, The Star, has officially settled a dispute with Multiplex Constructions Qld., the builder of its Queen’s Wharf Brisbane project. The settlement was made through the Destination Brisbane Consortium, a joint venture firm established for the project, following claims for additional costs, time extensions, and damages by Multiplex.
The settlement deed is expected to cost The Star between AU$30 million and AU$85 million, depending on project delivery dates reached by the builder. The payments will be made through a combination of existing resources and additional equity contributions from the joint venture participants. The company’s share of the Queen’s Wharf completion expenses, including the settlement arrangements, is projected to be roughly AU$110 million. The settlement also requires the cessation and postponement of claims that arose before its entry into force.
Robbie Cooke, CEO of The Star, commented that the resolution of the dispute is a significant and positive step, removing uncertainty and distraction and enabling the project team to focus on delivering the precinct.
The Queen’s Wharf project, which includes a casino, hotel rooms, apartments, and a Skydeck platform, was initially projected to open at the end of 2022. However, the opening date has been pushed back multiple times, with the current target set for April 2024. Despite the delays, the company has gained access to several finished floors within the project.
According to Cooke, the revised opening date followed careful consideration of the current progress by the builder, acknowledging that the project has faced pressures similar to other major infrastructure projects across Australia.
The settlement signals a significant step forward for The Star and its Queen’s Wharf Brisbane project, as it aims to proceed with the development and showcase Brisbane to local, interstate, and international visitors.