Troubled Star Entertainment suspended from trading in Australia

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Troubled Star Entertainment suspended from trading in Australia

Both groups used a model banned by almost every jurisdiction in the world, apart from Macau. They allowed outsiders to run private gambling operations within the confines of their casinos. That paved the way for organised Chinese crime syndicates to launder money in Australia. On Friday, the shares briefly dropped below 20c, valuing the group at just $1.2 billion. Strip away the huge money-laundering operation from mainland Chinese-based criminal gangs, and the business model upon which Australia’s two big casino groups has been built suddenly is under threat. That annoying little slogan tacked on to the end of every broadcast gambling advertisement, as a warning to those with an addiction, has come back to bite casino owners and investors.
Shares are currently swapping hands at 25.5 cents per share, a far cry from the $4 per share range Star fetched pre-pandemic. Grattan’s modelling shows that Australians who draw down their super at the minimum rate when they retire will leave the equivalent of 65 per cent of their original super balance unspent by the age of 92. The report you reference is from the Grattan Institute, which highlights that many retirees are net savers, with their super balances growing for decades after they retire, for fear of outliving their savings.
On Tuesday, a fresh notice showed his shareholding had increased from 5.5 per cent to 6.52 per cent. The following $200 million is subject to a shareholder vote and regulatory approvals. (It might even come in two lots of $100 million, the first after a shareholder vote and the latter after approvals). A proposed long-term funding deal with Salter Brothers last week could not be finalised. The first payment — about $100 million — will be made on Wednesday to allow the operator to stay afloat. Last month it offered Star a $250 million deal and the Australian casino group wouldn’t even meet with them. Company information displayed on The Australian Financial Review is sourced from Morningstar and ASX and is subject to their terms and conditions as set out in our Terms of Use.
The best Australian casino online sites 2026 Financial Review does not accept any responsibility for the accuracy and/or completeness of such data or information. The gaming giant had called off negotiations on an earlier proposal after failing to agree on key details of a plan to sell its Brisbane project. Shares close in on fifth straight month of gains; Qantas at record high on Jetstar; Ramsay’s weak Aussie casino withdrawal speeds earnings; IDP Education soars nearly 30 per cent on outlook; Wesfarmers dividend splurge.
Operating margins are forecast to recover to ~12% over the same period, however this remains below pre-covid levels considering the additional tax burden from the New South Wales government. After a delayed earnings release and a turbulent regulatory environment, this entertainment behemoth remains a controversial choice for investors. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. While we recognise that sales of the assets in the business could be worth significantly more, uncertainty in the near term outlook results in a change to our rating. Thanks for all your comments on superannuation today, in light of the Grattan Institute report arguing a government-backed annuity scheme would help more people draw down on their super — sharing a few more here. Here’s how the day’s trade unfolded, with insights from our business reporters, on the ABC News markets blog. Star is also awaiting the outcome of a court decision on fines for e-sports betting breaches of anti-money-laundering regulations that are expected to reach to hundreds of millions of dollars.
The refunding was being sought to help it trade through the next six months and retain its OzWin casino loyalty rewards licence in Sydney. Embattled Caesars Palace casino online gaming table game list 2026 operator Star Entertainment says it has been unable to reach a deal with Hong Kong investors to buy its stake in Brisbane’s Queen’s Wharf development. Australians are paying $9.2 million in interest charges per day on a collective credit card debt of $18.02 billion, at the average interest rate of 18.71 per cent. In a quarterly update to investors on Monday, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a “challenging” consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. Coincidentally, another significant shareholder in E-Commerce is PAG – a major Asian investment company that is the largest shareholder in troubled Australian airline Rex.
Star Entertainment’s largest shareholder, billionaire publican Bruce Mathieson, is backing a last-minute rescue offer from an American casino giant and has agreed to tip in more than $50 million if a deal proceeds. Casino operator Star is staring down another major financial threat, despite shareholders approving a $300 million rescue deal last week. Steve McCann, Star’s chief executive, has been in negotiations with a group of potential investors since early March, when he announced a three-part deal to shore up the casino group’s financial future. Shares in struggling New York casino hotels live dealer giant Star Entertainment have plummeted after a brief trading halt was lifted, as the company searches for a financial lifeline by the end of the day.
Amcor shares are seriously undervalued according to the analysts at two major broking houses. A leading fund manager expects positive long-term growth from Guzman Y Gomez shares. Macquarie has reduced its price target for the Star Casino share price to just 24 cents per share. Much of Star’s struggles can be traced to the regulatory crackdowns it is currently facing, which are compounded by a weakened financial performance.