Tag Archives: The Star
Australia – Regulatory costs and lack of comping see Star Entertainment slump by 15 per cent
A step-up in risk and compliance costs as well as a lack of being able to comp drinks on its gaming floors, took a huge bite out of Star Entertainment’s first half revenues, which dropped by 14.6 per cent year-on-year to US$562m with EBITDA falling 43.1 per cent to US$73.8m. Star said: “Revenue and earnings…
Australia – The Star ordered to pay $140,000 over credit card gambling
Australian casino operator Star Entertainment has been ordered to pay $140,000 in penalties following an investigation by the Office of Liquor and Gaming Regulation (OLGR), which found it guilty of 11offences relating to the operation of its two Queensland casinos in Brisbane and on the Gold Coast. The Office of Liquor and Gaming Regulation has…
Australia – Star warns of financial struggles at Sydney casino with possible impairment charge of A$1.6bn
In an update to the ASX, Australian casino operator The Star Entertainment Group has said its flagship Sydney casino has struggled over the first half of its financial year due to a government review and increased competition from Crown Sydney, causing it to warn investors of an impairment charge of between A$400m and A$1.6bn in…
Australia – The Star gets second $100m fine in as many months as Queensland Government cracks down
Australia’s Star Entertainment has received its second AU$100m fine in as many months as part of a raft of disciplinary actions, following the findings of Queensland’s Gotterson Review and the Attorney-General’s determination of unsuitability. Attorney-General and Minister for Justice Shannon Fentiman said The Star’s and other interested parties’ responses to the show cause notices issued…
Australia – Star’s Interim Chairman outlines Renewal Plan for troubled operator
Star Entertainment Interim Chairman Ben Heap has issued a battle-cry of a Renewal Plan, outlining how the beleaguered operator can save its license for The Star Sydney, having been told by the Bell report it is not fit to hold the licence. Mr. Heap said: This Report makes for difficult reading; we acknowledge its findings…
Australia – The Star suspends stock exchange trading pending release of Bell report
Australian casino operator Star Entertainment Group has ceased trading on Australia’s stock Exchange the ASX, pending publication of the Bell report, which will decided if the company can continue to hold a casino licence in New South Wales (NSW). The Star opted to halt trading after a newspaper report claimed that the NSW Independent Liquor…
Australia – Star expects revenues to return to normal with strong June
The Star Entertainment Group expects to report normalised revenue of $1.53bn in the 12 months to 30 June 2022 with the ‘domestic revenue recovering strongly with all properties open on an unrestricted basis’ in the June quarter. Domestic revenue in the June quarter was up 11 per cent on pre-COVID levels (2019) to $512m with…
Australia – The Star appoints Scott Wharton as new CEO
The Star Entertainment Group has appointed Scott Wharton as Chief Executive Officer of The Star Sydney and Group Head of Transformation, pending all necessary regulatory approvals. Mr Wharton joins The Star from the Commonwealth Bank of Australia (CBA) where most recently he was a member of CBA’s Executive Leadership Team as Group Executive, Program Delivery….
Australia – Lawyer says The Star is not fit to hold its licence
Lawyer Naomi Sharp has said that the Star Entertainment is not fit to hold a casino licence in New South Wales claiming The Star Sydney due to a ‘litany of problems’ with a Chinese debit card scheme for VIP customers. Star Entertainment has been accused of money laundering, fraud and foreign interference by a junket…
