Star Casino operator shows signs of being on brink of collapse
Thursday 16 de January 2025 / 12:00
2 minutos de lectura
(Sydney).- Concern's are growing over the viability of the Star Entertainment Group, with the company appearing to be on the brink of collapse. The casino operator owns and runs casinos in Sydney, on the Gold Coast and in Brisbane, with over 8000 workers nationwide left worried that their jobs are on the line.
Star warned shareholders that it's burned through $107 million in the past three months, and at the end of 2024 it has just $79 million in the bank. "These are dire circumstances for the Star Entertainment Group," Investment platform Moomoo's Chief Commercial Officer Michael McCarthy told 9News.
"They've ripped through cash recently. Customers are simply not turning up at the doors. The burn means that with only $80 million left, the end might be less than three months away for this company in its current form."
The union hopes to find a temporary solution to keep the doors open and the thousands of workers employed.
"These members have been through a long period of uncertainty at Star," United Workers Union Deputy Director Andrew Jones said. "They've come out of COVID closures, into regulatory issues, into financial issues at the end of last year and again commencing again this year."
Star's stock prices have fallen from its peak of $5.81 in 2018 to 0.10c last week, which has bounced back up to 0.13c today.
The NSW government handed the casino a lifeline in 2023, but Premier Chris Minns said they wouldn't be doing it again.
"We're not going to step in again... we've made the decision in relation to that," Minns said. "We're hopeful the next steps don't result in the loss of jobs."
Meanwhile, the Queensland government wouldn't confirm nor deny if it would be stepping in. "My interest is not around the corporate suits sitting around those board tables," Queensland Premier David Crisafulli said. "It's around the workers sitting around the gaming table, and they will have a future, and they must."
Categoría:Gaming
Tags: Sin tags
País: Australia
Región: Oceania
Event
ICE Barcelona 2026
19 de January 2026
Zitro Showcases Global, Local, and Digital Strength at ICE Barcelona 2026
(Barcelona).- When the doors closed on ICE Barcelona 2026, the message to Zitro was clear: “Different, in the best way.” Zitro booth was designed to provide an authentic casino experience, divided into three distinct zones that reflected the full spectrum of the company's business: international, domestic, and digital.
Thursday 22 Jan 2026 / 12:00
NOVOMATIC Wins Four European Casino Awards at ICE Barcelona
(Gumpoldskirchen/Barcelona).- At the world’s largest gaming trade show, the gaming technology group was the only company to receive four awards, reinforcing its leadership in innovation and sustainability across Europe.
Thursday 22 Jan 2026 / 12:00
ICE Barcelona 2026 Wraps Up Successfully; Dates Confirmed for 2027 Edition
(Barcelona, SoloAzar Exclusive) – The premier global gaming and betting exhibition concluded on January 21st, marked by high-level strategic debates and a significant emphasis on the Latin American market. Following a highly successful week, organizers confirmed that Barcelona will remain the home of the event for its 2027 edition.
Thursday 22 Jan 2026 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.