While Australia’s top restaurants struggle with the maths, chefs in Bangkok, New York, London and Paris are building a new model that’s keeping tables full
The question posed in Australia this week, if a restaurant as acclaimed as Quay cannot make the numbers work, what does that mean for the future of fine dining. And it not only a local issue, this is global. And yet, when you step into the upper tier of dining in Southeast Asia, New York, Paris and London, the picture is far more complex than collapse.
What we are seeing is not the end of fine dining, but a ruthless recalibration of what it must become to survive as well as some highly creative and forward thinking experiments.
In Bangkok, arguably one of the most dynamic fine-dining cities in the world right now, Michelin-starred restaurants are not only surviving — many are thriving. Venues Sorn, Le Du and Gaggan Anand have built global reputations, but crucially, they have done so by evolving the traditional model.
At Sorn, chef Supaksorn Jongsiri has created a deeply immersive Southern Thai dining experience that is as much about storytelling and cultural preservation as it is about technique. At Le Du, Thitid Tassanakajohn has redefined Thai fine dining through seasonality and modern presentation, making it feel both contemporary and rooted. And at Gaggan Anand, Gaggan Anand has gone even further, dismantling the rules entirely to create something closer to performance than restaurant.
What unites these venues is not just excellence, but adaptability. They are not rigid temples of gastronomy — they are experiences designed to engage, surprise and, importantly, fill seats. That is where the Australian debate becomes relevant. When a restaurant like Quay faced pressure, and ultimately closed it highlights the fragility of a model that relies on high costs, long formats and a shrinking pool of diners willing to commit to both.
The high cost of wages in Australia across all segments of hospitality also plays a huge part in ongoing challenges of high end hospitality. From fit-outs to produce costs, wages, limits on working hours, and even transport costs for diners, all costs are significantly higher in Australia than in South East Asia making profits are tougher to reach.
In contrast, three Michelin star chef Alain Ducasse have built systems globally that protect against economic fragility. Ducasse’s success lies not just in his flagship restaurants, but in his ability to operate across multiple concepts — from ultra-luxury dining to more accessible venues as well as products, creating a business structure that supports itself. His restaurants remain busy because they are part of a larger ecosystem, not isolated entities dependent on a single format.
This same thinking is increasingly visible across global cities, but in South East Asia high end hotel groups like Accor and IHG are taking on the risk of Michelin star venues and hiring some of the industry’s star talent and opening multiple venues to capitalise on their investments.
There is no single model dominating New York; instead, there is a layered ecosystem of dining experiences that collectively sustain the city’s position at the top of the global restaurant landscape.
In New York, Michelin-starred dining has not retreated — it has sharpened. Le Bernardin under Eric Ripert continues to prove that classical fine dining can remain not just relevant, but consistently full, when executed with absolute precision and clarity of identity.
At the same time, the city’s evolution is being driven by a new generation of restaurants like Atomix led by Junghyun Park, where storytelling, cultural narrative and design-led experience sit alongside technical excellence. The spectrum is wide — and that is precisely why it works.
Chef Daniel Humm exemplifies this adaptability and created one of the most controversial stories in fine dining in recent years. He had three Michelin stars for Eleven Madison Park and was crowned number 1 in the world’s 50 best restaurants, in 2017 and was known for decadent dishes like honey lavender duck and butter-poached lobster.
Then in 2021, he re-launched the restaurant as 100% plant based citing sustainability, climate concerns and the environmental impact of meat production, and incredible kept all three stars. That made it the first fully vegan restaurant to hold three Michelin stars – and guests paid US$335 for a vegetable focussed menu.
It reportedly became difficult financially with low wine sales, extremely high labour costs and operational pressures. The exercise was symbolic of a much bigger debate happening in luxury global hospitality which is; Can ultra-premium fine dining survive commercially without traditional luxury ingredients like seafood, caviar and meat?
In 2025, Humm reversed course and announced meat and fish would return as optional additions to the menu after four years vegan. He admitted the restaurant had alienated some guests and struggled commercially, particularly with corporate dining and private bookings.
It was a grand experiment and made Humm and Eleven Madison Park a global brand and global sensation.
Daniel Boulud is widely considered one of the most commerically successful and enduring chefs in global fine dining. He is unusual as he is known not so much for his culinary talent but for his longevity and buisness discipline.
Boulud has long understood that longevity in fine dining depends on evolution — maintaining standards while adjusting format, pricing and accessibility to meet changing demand. He balanced ultra fine dining with more casual concepts, strong hotel partnerships private events, catering and global expansions. He built a global restaurant group that has remained respected across decades across New York, Singapore, Dubai, Montreal and beyond.
Unlike chefs who chase trends or theatrical reinventions, Boulud largely stayed consistent: classic French technique, elegant hospitality, polished dining rooms and menus wealthy diners still actually want to eat. Its this consistency that many credit him with for surviving.
This same thinking can be seen at Per Se from Thomas Keller, where the traditional tasting-menu format still holds, but is delivered with a level of refinement that justifies its place in a modern context. Across the city, the most successful Michelin-starred restaurants are those that have tightened their focus, reduced unnecessary formality and created experiences that feel immediate and relevant. In contrast to markets now questioning the viability of fine dining, New York demonstrates that when executed with clarity and intelligence, the model can still not only survive, but thrive.
In Singapore and Bali, Michelin chefs like Andrew Walsh are expanding via hotel partnerships, and well beyond a single fine-dining expression. Irish born Walsh relocated from Singapore to Bali. Having now opened two fabulous but accessible venues at Regent Canggu Bali, Saizon and Cure with a third on the way, he is reaching a large, global market. The backing of a secure hotel group secures not only the venues but prices. Produce prices can be kept lower as suppliers are potentially delivering to the whole hotel group, or at least to the hotel’s multiple venues. The same can be said for wages in some global locations.
Whilst Kirk Westaway continues to refine what high end modern British fine dining can look like in Asia having added The Crown in Jakarta and The Albion by Kirk Westaway to his well established JAAN in Singapore in the last 12 months.
In Paris, Cedric Grolet is dominating the pastry world with stand alone venues, contracts with Dorchester Collection and globally with COMO Singapore.
Gordon Ramsay is a global success story who has long demonstrated the value of scale, diversification and brand strength, using every aspect of the media possible along with a colourful and brassy persona to boot to amass a huge empire.
The lesson is clear. Fine dining has not lost its relevance — but the traditional model is no longer enough. The restaurants that are succeeding are those that understand they are not just serving food. They are creating experiences, building brands and, increasingly, operating as part of a broader luxury ecosystem.
What Quay’s challenges signal is not failure, but a warning. The economics of fine dining are tightening, and chefs and venues who cannot adapt will struggle. But globally, at the highest level, the smartest operators are already moving. They are shortening menus, diversifying concepts, integrating into hotels, and creating environments that feel alive rather than formal.
In Bangkok, that energy is palpable. Dining rooms are full, not because the old rules still apply, but because new ones have been written. The same is true in New York, Paris and London, where the most successful restaurants are those that balance excellence with evolution. The future of fine dining is not about whether it survives. It is about who is willing and able to change – and in Australia?
