The report by the New South Wales Independent Casino Commission (NICC) concluded the operator had not sufficiently addressed the "governance and cultural concerns" highlighted in a 2022 inquiry that initially found it unfit for licensing. The company’s decision to get out of Brisbane and focus on the Gold Coast and Sydney was driven by necessity, and a shift in its direction. The hit to one of Australia’s largest builders makes it another casualty of the ambitious – and financially disastrous – pet project of Star Entertainment.
The half-year accounts, originally scheduled for release in February, showed a steep decline in revenues, which Star attributed to the introduction of stricter payment requirements at its Sydney casino. The rules, which started in October, force patrons to use a pre-paid card, Lucky Ones VIP rewards which makes gambling more difficult and reduces the risk of money laundering. Shares in struggling casino giant Star Entertainment have plummeted on Friday after a brief trading halt was lifted, as the company searches for a financial lifeline to avoid collapsing.
Star Entertainment is negotiating with a property funds management giant that owns a string of major hotels for a $750 million refinancing package that would secure the ailing casino group’s long-term financial future. Chow Tai Fook and Far East, co-investors in Star’s Queen’s Wharf casino in Brisbane, attempted to buy Star’s share of the asset, and shareholder billionaire Bruce Mathieson has made an offer for Star’s Gold Coast casino. The majority of Star’s employees are based in Sydney, and despite recent troubles, its Pyrmont site remains a major tourism destination, with 650 hotel rooms and 36 food and beverage venues.
Star Entertainment shares have lost more than 90% of their value in the past 3 years. "If the company goes into administration, [workers] want the support of their government to ensure the doors stay open." "At this stage, we look like we're heading towards an administration sometime this week," Mr Jones noted. Star said on Friday that any proposal would need to be large enough to keep Star afloat and carry a realistic chance of materialising before its board could approve the first-half results.
Unless Wang has been given regulatory approval to move beyond 10 per cent of the meth casino top crypto casino group (and there is no suggestion he has), he can’t contribute to a recapitalisation of the company. If he had been lined up or approached by the Star board as part of the rescue attempt, the company would need to have disclosed any deal or association. Star shares have been suspended from trade on the Australian instant withdrawal apps Securities Exchange since March after the company failed to submit its half-year accounts. Embattled casino group Star Entertainment has secured a $300 million lifeline from US free coin gaming tips giant Bally's, which has made a specialty of picking up "distressed" casinos.
If funding isn't secured, Star will face the prospect of entering voluntary administration, which would see independent administrators appointed to manage affairs on behalf of creditors, and attempt to rescue operations. Shares in Star Entertainment have been suspended from trading on the stock exchange after it failed to lodge its financial results. Calix Ltd has seen its shares soar to 60cps on Monday trades after announcing it's teaming up with none other than Rio Tinto. Most Star employees are based in Sydney, and despite recent troubles, its Pyrmont site remains a major tourism destination, with 650 Pullman Reef hotel casino booking site rooms and 36 food and beverage venues. In February, Star said it had received an $650 million offer from US alternative asset manager Oaktree Capital to refinance its debt.
Star Entertainment has managed to avoid financial collapse for now after signing a deal to sell its stake in Brisbane’s Queen’s Wharf casino to its two equity partners along with other assets. Star Entertainment halted trading of its shares on Friday after a state-level melbourne casino terms of service regulator issued a damning report accusing the group of failing to clean up a culture of money laundering and fraud. Australia’s largest publicly traded casino operator has been temporarily suspended from the country’s stock exchange after failing to lodge its annual financial results. Star chief executive Steve McCann has been negotiating to lock in a different package which would leave the company’s Queen’s Wharf complex in Brisbane with two Hong Kong investors. That deal is backed by alternative asset manager Salter Brothers and includes a $750 million refinancing.