In Queensland, the company was last year fined $100 million and given a year to show why its licence to operate casinos shouldn't be suspended.įinancial statements show Star Sydney has lost almost $1 billion as a result of regulatory changes and fines. Its licence in NSW has been suspended and it was fined $100 million, although, the company was still able to keep its gaming floor open as long as it appointed a new manager to oversee its gambling business. Star said it was urgently working on regaining suitability to hold casino licences in NSW and Queensland, after reviews into money laundering, fraud and criminal activity. It also mentions increased competition for its Sydney casino from the opening of Crown Sydney, at Barangaroo. The report says the poor performance is reflective of increasingly restrictive operational requirements and amendments to the state's Casino Control Act. The major factor behind the loss is $800 million in equity raising to repay debt and increase liquidity.ĭomestic revenue was also down 14 per cent compared to pre-pandemic levels at Star's Sydney casino. That "one-off" figure could have been much bigger, because the sale of two properties counted against it. Half-yearly financial results, released to the ASX on Thursday, included $1.3 billion in what the company describes as one-off costs, like the expected changes to taxes, $350 million in fines and the expense of ongoing reviews and new systems to fix problems. That's compared to a $74 million loss during the same period a year earlier.
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