Casino operator blames COVID-19, material price increases. But history shows big projects tend not to land on time or budget.
But Star also on Friday said that revenue was recovering in the June quarter because its casinos were open without restrictions, news that analysts received positively.
But this was shifted to the second half of next calendar year, subject to various approvals. The company had also in 2018 estimated project costs of $2.6 billion, but on Friday said this would be bumped up by 10 per cent. Construction giant Multiplex started building the Queen’s Wharf facility in mid-2019, including four towers, retail space, restaurants and bars and a “sky deck” 100 metres above the street.
UBS analyst Suthesh Jeyakandan told clients the project’s cost increases could require up to $130 million from Star.
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