Tag #Star Entertainment

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smh.com.au

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Sep 25, 10:21

Star Entertainment's Gold Coast Casino License Suspension Extended

Despite slower-than-expected remediation progress, Star Entertainment's Gold Coast casino license suspension has been extended to September 30, 2026, due to steady improvements in remediation efforts, according to the Queensland government.

Star Entertainment's Gold Coast Casino License Suspension Extended

Despite slower-than-expected remediation progress, Star Entertainment's Gold Coast casino license suspension has been extended to September 30, 2026, due to steady improvements in remediation efforts, according to the Queensland government.

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What is the primary impact of extending Star Entertainment's Gold Coast casino license suspension?

The one-year extension allows Star Entertainment more time to complete its remediation efforts aimed at addressing money laundering concerns and improving its suitability to hold a gaming license. This impacts the company's financial stability and its ability to operate normally. The extension also signifies a conditional approval, subject to meeting key remediation milestones.

smh.com.au

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Jul 30, 07:15

Star Entertainment Faces Collapse of Queen's Wharf Sale, Reports Quarterly Loss

Star Entertainment reported a $27 million pre-tax loss for the June quarter, largely due to reduced revenue from mandatory carded play and faces potential collapse of a $53 million Queen's Wharf sale deal by the July 31 deadline, triggering a $36 million repayment.

Star Entertainment Faces Collapse of Queen's Wharf Sale, Reports Quarterly Loss

Star Entertainment reported a $27 million pre-tax loss for the June quarter, largely due to reduced revenue from mandatory carded play and faces potential collapse of a $53 million Queen's Wharf sale deal by the July 31 deadline, triggering a $36 million repayment.

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How have recent regulatory changes, such as mandatory carded play, impacted Star Entertainment's financial performance?

The potential failure of the Queen's Wharf sale jeopardizes Star's financial stability, as the deal provided crucial funds and relieved the company of financial obligations. The ongoing impact of mandatory carded play and potential multimillion-dollar fines further exacerbate Star's financial challenges, highlighting the company's vulnerability. Recent asset sales and equity injections have improved cash reserves to $234 million, but this might be insufficient to cover all liabilities.

smh.com.au

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Jul 4, 10:14

Star Casino Brisbane Employees Strike Over Low Pay Offer

On Friday, hundreds of Star Casino Brisbane employees, including gaming floor, restaurant, bar, and housekeeping staff, participated in a 2-hour protected strike from 4 pm to 6 pm due to a low pay offer that includes cuts to Sunday penalty rates, amid ongoing financial difficulties for the company.

Star Casino Brisbane Employees Strike Over Low Pay Offer

On Friday, hundreds of Star Casino Brisbane employees, including gaming floor, restaurant, bar, and housekeeping staff, participated in a 2-hour protected strike from 4 pm to 6 pm due to a low pay offer that includes cuts to Sunday penalty rates, amid ongoing financial difficulties for the company.

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What is the immediate impact of the employee strike at Star Entertainment Group in Brisbane?

Hundreds of Star Entertainment Group employees in Brisbane staged a 2-hour strike on Friday afternoon due to an "insulting" pay offer that includes a 4% pay raise over three years but cuts Sunday penalty rates. The strike involved staff from various departments, impacting services at the casino and its associated venues.

smh.com.au

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Apr 15, 10:11

Bally's Bails Out Star Entertainment Amidst Heavy Losses and Regulatory Challenges

Star Entertainment, burdened by losses and regulatory changes, secured a bailout from Bally's and Bruce Mathieson, offering short-term relief but leaving its long-term future uncertain.

Bally's Bails Out Star Entertainment Amidst Heavy Losses and Regulatory Challenges

Star Entertainment, burdened by losses and regulatory changes, secured a bailout from Bally's and Bruce Mathieson, offering short-term relief but leaving its long-term future uncertain.

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How did cost overruns and new gambling regulations contribute to Star Entertainment's financial crisis?

Star's financial distress stems from cost overruns in its Brisbane resort and stricter gambling regulations leading to customer loss. These regulations, including carded play and betting limits, are impacting revenue and profitability across its Sydney and Gold Coast casinos. The Bally's deal offers temporary survival, but long-term viability depends on regulatory changes.

smh.com.au

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Apr 2, 04:14

Star Entertainment Faces Collapse After Funding Lifeline Fails

Star Entertainment failed to secure a crucial $940 million funding lifeline from Salter Brothers, jeopardizing its survival and prompting a search for alternative financing, while facing significant financial challenges and potential penalties exceeding $300 million.

Star Entertainment Faces Collapse After Funding Lifeline Fails

Star Entertainment failed to secure a crucial $940 million funding lifeline from Salter Brothers, jeopardizing its survival and prompting a search for alternative financing, while facing significant financial challenges and potential penalties exceeding $300 million.

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What are the immediate consequences of Star Entertainment's failure to secure the $940 million funding lifeline?

Star Entertainment's $940 million funding lifeline from Salter Brothers collapsed, jeopardizing its survival. The company is now seeking alternative funding, including from Bally's Corporation, but faces material uncertainty about its future. This failure highlights Star's precarious financial position and the challenges it faces in securing necessary financing.

forbes.com

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Mar 10, 07:10

Bally's Corp. Proposes A$250 Million Investment in Star Entertainment

Star Entertainment is considering a A$250 million cash injection from Bally's Corp. for a controlling stake, following regulatory issues and financial difficulties stemming from money laundering allegations in 2021, resulting in a A$4 billion market capitalization loss.

Bally's Corp. Proposes A$250 Million Investment in Star Entertainment

Star Entertainment is considering a A$250 million cash injection from Bally's Corp. for a controlling stake, following regulatory issues and financial difficulties stemming from money laundering allegations in 2021, resulting in a A$4 billion market capitalization loss.

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How did previous regulatory issues and financial difficulties lead to Star Entertainment's current need for substantial capital?

Faced with slumping revenues and regulatory issues after money laundering allegations, Star Entertainment is exploring various capital raising options. Bally's offer represents a significant potential lifeline, competing with other deals already secured. The outcome will significantly impact Star's future and its shareholders.

smh.com.au

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Aug 1, 04:11

Star Entertainment's Queen's Wharf Deal Collapses, Sending Shares to Record Low

Star Entertainment's deal to sell its Queen's Wharf casino stake collapsed due to unresolved commercial issues, leaving the company facing significant financial challenges including debt repayment, future equity contributions, and potential regulatory fines that could reach hundreds of millions of d...

Star Entertainment's Queen's Wharf Deal Collapses, Sending Shares to Record Low

Star Entertainment's deal to sell its Queen's Wharf casino stake collapsed due to unresolved commercial issues, leaving the company facing significant financial challenges including debt repayment, future equity contributions, and potential regulatory fines that could reach hundreds of millions of d...

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What are the immediate financial implications for Star Entertainment following the collapse of the Queen's Wharf sale?

Star Entertainment's deal to sell its Queen's Wharf casino stake in Brisbane to Chow Tai Fook Enterprises and Far East Consortium has collapsed, leaving Star exposed to a loss-making asset and further investment. Star shares hit a record low of 10¢ following the announcement. This failure to renegotiate leaves Star facing significant financial challenges.

smh.com.au

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Jul 7, 10:12

Star Entertainment's Queen's Wharf Deal in Jeopardy

Star Entertainment faces a potential $37 million penalty if its deal to sell its stake in Brisbane's Queen's Wharf precinct to Hong Kong investors fails by July 31; negotiations continue, with a key sticking point being Star's casino operation.

Star Entertainment's Queen's Wharf Deal in Jeopardy

Star Entertainment faces a potential $37 million penalty if its deal to sell its stake in Brisbane's Queen's Wharf precinct to Hong Kong investors fails by July 31; negotiations continue, with a key sticking point being Star's casino operation.

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What are the immediate financial implications for Star Entertainment if the Queen's Wharf deal fails?

Star Entertainment's deal to sell its stake in Brisbane's Queen's Wharf precinct to Hong Kong investors is at risk. If the sale fails by July 31, Star will pay nearly $37 million in penalties. This follows weeks of negotiations, with a key sticking point being Star's continued casino operation within the precinct.

smh.com.au

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Jun 5, 10:14

Star Entertainment Faces \$400 Million Fine, Threatening Bankruptcy

Star Entertainment faces a potential \$400 million fine from AUSTRAC for money laundering violations, threatening its financial stability and recently secured rescue package; the fine's size is based on a precedent with Crown Resorts.

Star Entertainment Faces \$400 Million Fine, Threatening Bankruptcy

Star Entertainment faces a potential \$400 million fine from AUSTRAC for money laundering violations, threatening its financial stability and recently secured rescue package; the fine's size is based on a precedent with Crown Resorts.

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What are the immediate consequences if Star Entertainment is fined \$400 million for money laundering violations?

Star Entertainment, facing a potential \$400 million fine from AUSTRAC for money laundering, claims this would lead to bankruptcy. This is significant because the company recently secured a \$300 million rescue package, of which only \$100 million has been received.

smh.com.au

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Apr 8, 10:13

Bally's Takes Control of Star Entertainment in $300 Million Deal

Bally's Corp will invest $300 million in Star Entertainment Group, taking control, significantly devaluing shares, while Star's board and CEO benefit from the deal despite potential future losses and regulatory fines.

Bally's Takes Control of Star Entertainment in $300 Million Deal

Bally's Corp will invest $300 million in Star Entertainment Group, taking control, significantly devaluing shares, while Star's board and CEO benefit from the deal despite potential future losses and regulatory fines.

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How does this deal align with Soo Kim's investment strategy and what are the potential risks associated with it?

Soo Kim, Bally's chairman, has a history of risky investments in 'vice' businesses. This Star deal follows a pattern of acquiring distressed assets, potentially benefiting from the eventual recovery. The deal's success hinges on overcoming Star's financial challenges and regulatory hurdles, including a potential $350 million AUSTRAC fine.

smh.com.au

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Mar 10, 07:10

Star Entertainment Averts Administration with \$53 Million Sale

Star Entertainment averted administration by selling its stake in Brisbane's Queens Wharf for \$53 million, securing a \$250 million bridging loan, and negotiating a larger loan facility; however, a competing offer from Bally's adds uncertainty.

Star Entertainment Averts Administration with \$53 Million Sale

Star Entertainment averted administration by selling its stake in Brisbane's Queens Wharf for \$53 million, securing a \$250 million bridging loan, and negotiating a larger loan facility; however, a competing offer from Bally's adds uncertainty.

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How did the economic factors and regulatory pressures contribute to Star Entertainment's financial difficulties?

The sale of the Queens Wharf stake provides short-term financial relief, allowing Star to continue operations and negotiate further funding. However, the long-term viability hinges on securing larger loans and successfully transitioning into a property development business model. This shift reflects the challenges faced by Australian casinos due to spending limits.

smh.com.au

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Mar 9, 22:10

Star Entertainment Averts Collapse, but Future Hinges on $940 Million Refinancing

Star Entertainment narrowly avoided collapse after selling its Brisbane casino stake for $35 million, securing a short-term loan, but its future depends on a $940 million refinancing proposal, which is not guaranteed.

Star Entertainment Averts Collapse, but Future Hinges on $940 Million Refinancing

Star Entertainment narrowly avoided collapse after selling its Brisbane casino stake for $35 million, securing a short-term loan, but its future depends on a $940 million refinancing proposal, which is not guaranteed.

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What immediate actions did Star Entertainment take to address its financial crisis, and what are the short-term implications?

Star Entertainment avoided collapse by selling its 50% stake in Brisbane's Queen's Wharf casino for $35 million, securing a short-term bridging loan of $250 million. This deal, however, is contingent upon securing a further $940 million in long-term financing to ensure its viability.

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