Casino giant Star Entertainment Group didn´t get financial support from New South Wales government, Australia.
Monday 20 de January 2025 / 12:00
⏱ 1 min read
(NSW).- Star Entertainment Group warns of running out of cash within a month, and appeals for government support.
One state premier has given a blunt response to an embattled casino giant as it faces collapse, putting thousands of jobs at risk.
In an updated statement to the ASX on Monday, Star Entertainment said “there remains material uncertainty” over its ability to continue as a going concern as revenue slumped to $299m in the December quarter.
Star chief executive Steve McCann again called on the NSW and Queensland state governments – where the group’s three casinos operate – for tax relief on Friday after revealing earlier this month that it had just $79m left in the bank.
But that plea is falling on deaf ears.
NSW Premier Chris Minns has refused to offer any support for Star Entertainment, saying the state doesn’t have the money to help casinos.
“I’ve said all I’m going to say about it,” he told reporters.
“We don’t have any (more assistance). We did sit down with Star over a year ago and work out a rescue package.
“As I said, we’ve got funding requests right across NSW, from roads to psychiatrists to nurses to the railways. I mean, I don’t have money for casinos, I’m sorry.”
The star currently owes the NSW Independent Casino Commission $15m in pecuniary penalty over its Sydney operations, with the first $5m payment made in December 2024. The second and third payments are due in March and June 2025.
By Cameron Micallef
Categoría:Casino
Tags: Sin tags
País: Australia
Región: Oceania
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