When the Premier stands up at the Queens Wharf casino development to cut the ribbon at its opening in August, what and who will be left of its joint venture owner Star Entertainment?

The company is crumbling, its share price obliterated, its chief executive position vacant again, its reputation shredded and its chairman admitting to the Bell inquiry that the company which owns the Brisbane, Sydney and Gold Coast casinos was not yet fit to hold a casino licence.

Was it ever fit?

It’s fair to say the full story about Star and its Queens Wharf Development in Brisbane is only half written. So far, we have had construction delays, cost blow outs and law suits on top of the leadership clean-out and commissions of inquiry and investigations that exposed damning allegations related to money laundering and operating procedures.

Its remediation has lagged expectations and while its competitor, Crown, won back its licence last week after three years and $200 million in work, Star looks further away from that than it did at the start of the year.

And given the events of the past two years, you would think that its workers would be wary of any false steps yet, the Bell Inquiry has revealed that a Brisbane Treasury Casino worker and another two at the Gold Coast were recently stood aside pending an internal investigations into what appears to be serious matters.

Over the past four years, Star’s investors have run for the exits. Its share price at the end of 2019 was above $4. It closed on Friday below 40 cents.

Its culture is a mess and there is speculation in Sydney that the company may be forced into a merger of sorts with Blackstone’s Crown, which operates casinos in Melbourne, Perth and Sydney, though that appears to be wishful thinking.

You would think things couldn’t get much worse, but this is about gambling and money so of course they can.

There are a few more chapters to come in the Star story when its future will be revealed.

Still to come is the result of the second Bell 2 inquiry as well as a decision from AUSTRAC on a fine for the company’s role in money laundering. That follows the more than $200 million in fines served over its disastrous governance.

When handing down the Queensland Government’s fine of $100 million, the then Attorney General Shannon Fentiman said if Star was not suitable by the time it opened the doors of the new casino there would be significant conditions placed on its licence.

The project’s website said it will start opening in August which gives it three months to convince the Government that it is fit and right at this moment, it isn’t.

That neatly ties in with the expectation of the results of the Bell 2 inquiry.

The Queensland Government is probably rightly remaining quiet about Star’s future, while the Sydney inquiry continues, but if NSW acts to tighten controls even further on the company Queensland may have to follow.

The issue is a tough one for Attorney General Yvette D’Ath who must by now also have a report on the project’s joint venture partner Chow Tai Fook who holds 25 per cent of the overall development.

An inquiry into his suitability was sparked by media reports in August 2022. The ABC reported the company had links to criminal organisations in Hong Kong.

If the Government investigation finds that the company is not fit to be a partner it may have to sell its stake.

That report on its suitability may be one of those issues that gets shoved in an envelope with “Not to be opened until after the election’’ written in big red pen.

Star also has a 90-day suspension of its licence looming (May 31) unless the Government can see some sign of progress.

So, yeah, things could get much worse.

While all this is happening the company’s internal structures have imploded and it appears from the evidence given in the Bell 2 inquiry that it’s culture still has some serious flaws.

The inquiry was told by its chief financial officer Christina Katsibouba, who quit earlier this year, that she had felt isolated and was asked to keep company finances from the board.

She told the inquiry former chief executive Robbie Cooke had told her to keep the company’s deteriorating financial situation from the board so as not to “scare” or “impact morale”.

The company’s legal officer Betty Ivanoff also revealed she thought she had been undermined and excluded by Cooke.

Cooke, who was brought in by Star to right the ship, was forced to step down as chief executive and revelations from the inquiry show the relationship between him and the regulator were at dire levels.

They are devastating allegations considering the company’s recent history.

In the background, the lack of overseas tourists, particularly Chinese and Star’s inability to attract the high rollers, is limiting its potential.

The Government’s dilemma is that if Star Entertainment is no longer fit to operate the casino, who is? It can’t just shut it down and throw thousands of people out of work and finding an appropriate owner would be a long and fraught exercise in an election year.

In Queensland, Star has about 100 initiatives it has to cross off in its remediation. It is still under the supervision of a special manager.

If it fails to comply with the remediation plan it faces possible fines of $5 million. The special manager will control Star’s Queensland operations until December.