The company’s new chief executive Robbie Cooke promised shareholders at the company’s annual general meeting to transform Star’s culture, be more transparent, have more robust governance, greater accountability, be open and honest with regulators and act swiftly when issues arise.

Two separate inquiries in NSW and Queensland discovered hugely damaging flaws in governance and anti-money laundering laws and revealed that the company had gave gamblers banned interstate access to the Gold Coast casino as well as expensive gifts and free plane flights.

Serious questions were raised about the company’s controls and reporting and the company revealed that 20 executives had now left the company along with a host of directors and the chair John O’Neill.

The company faces the potential of a maximum $100 million fine or the loss of its licence. Another outcome could be the option NSW has adopted of a special manager to control the casinos while Star reforms itself.

“We need to earn back the trust and confidence of all stakeholders,” Cooke said.

“At the same time we should never lose sight of the blue skies on our horizon. The investment of around $6 billion we and our partners have made and are planning to make across south-east Queensland will deliver real benefits to The Star and the State.”

The $6 billion includes $3.6 billion on Queen’s Wharf, more than $2 billion Gold Coast masterplan and about $500 million which was spent on the Gold Coast properties before the masterplan.

“We will create thousands of jobs, drive increased tourism, deliver significant community benefits and play our mart in making our cities better places in which to live, work and play.

“Our Queensland casinos are performing strongly while Sydney has been impacted by compliance changes post the Bell Review along with some competition impacts.”

Cooke said the Gold Coast casino’s domestic revenue was up 32 per cent on pre-Covid levels while Brisbane was up 9 per cent and Sydney down 11 per cent.

Domestic revenue between July and November up 1 per cent on pre covid.

“While we still have some significant hurdles to clear I believe the star has an exciting future. Great assets in great locations and significant investments that will drive is and the states of NSW and Queensland forward,” he said.

“It is also encouraging that the current performance of the The Star Gold Coast has been driven primarily by local customers, domestic tourism and conventions. When international tourism returns at scale demand for the GC will be even more significant.”

Star’s Queen’s Wharf project was on schedule for opening in the second half of 2023.

Progress so far included the completion of the podium structure, the three towers had moved beyond level 30, the restoration and repurposing of heritage buildings had started and the  Neville Bonner Bridge was 60 per cent complete.

“It will change the face of Brisbane,” Cooke said.