Star Casino operator shows signs of being on brink of collapse
Thursday 16 de January 2025 / 12:00
⏱ 2 min read
(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
BiS SiGMA South America 2026
06 de April 2026
Viviana David Discusses IGT PlayDigital's LATAM Growth Strategy
(São Paulo, SoloAzar Exclusive).- At BiS SiGMA South America, Viviana David, Head of Commercial LATAM at IGT PlayDigital, shared insights on the company’s vision for Brazil and the wider Latin American market. In this interview, she discusses the opportunities driving IGT’s participation, the business connections forged, and how innovative digital solutions are shaping the future of iGaming across the region.
Monday 18 May 2026 / 12:00
Fast Track Showcases AI-Powered CRM Innovation at BIS Sigma South America 2026
(São Paulo, SoloAzar Exclusive).- At the recent BIS Sigma Edition, Fast Track highlighted how its AI-driven CRM solutions are reshaping operator strategies in Brazil’s newly regulated iGaming market. Muriel Le Senechal, Regional Commercial Manager for LatAm, shared insights on the industry’s shift from acquisition to retention, emphasizing the role of automation, personalization, and real-time engagement in driving sustainable growth.
Tuesday 12 May 2026 / 12:00
Pay4Fun’s Leonardo Baptista on BiS SiGMA South America 2026: Regulation, Market Maturity and Brazil’s Expanding Opportunities
(São Paulo, SoloAzar Exclusive).-In this interview at BiS SiGMA South America 2026, Leonardo Baptista, CEO and co-founder of Pay4Fun, shares insights on the event’s strategic importance for the Latin American gaming industry. He highlights the growing maturity of regulatory discussions, the increasing focus on compliance and sustainability, and the expanding opportunities in Brazil—one of the most promising regulated markets globally.
Thursday 07 May 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.
