Tag: casinos
-
Star forced to turn off all of its poker machines in three casinos
Just weeks before the firm is due to learn if it has been deemed suitable to keep its lucrative Sydney licence, a major technological glitch forced The Star to close the systems down on Saturday night. The issue arose as the company upgraded all of its platforms to enable cashless gaming. The Star’s Sydney licence…
-
Star’s latest leader knows a thing or two about troubled casinos
Steve McCann will take the helm at The Star in July, weeks before the casino operator is due to learn if it is deemed suitable to retain its lucrative Sydney licence. The NSW Independent Casino Commission wrapped up its second probe into the company in May, but its licence remains suspended after a previous inquiry…
-
Last throw of the dice: After years of chaos, Star epic heading into final chapter
When the Premier stands up at the Queens Wharf casino development to cut the ribbon at its opening in August, what and who will be left of its joint venture owner Star Entertainment? The company is crumbling, its share price obliterated, its chief executive position vacant again, its reputation shredded and its chairman admitting to…
-
New laws bring Big Brother to sinking Star’s Queen’s Wharf
The State Government has introduced legislative amendments to the Casino Control Act for all casinos in the state. It said it had delivered on all the recommendations from the Gotterson inquiry which exposed lax money laundering practices at Star’s casinos on the Gold Coast and Brisbane. The inquiry led to a $100 million fine and…
-
Star’s problems mount after horror year leaves $2.4b loss; April opening still on track
The result caps a disastrous year for the company which faced $100 million fines in NSW and Queensland over its money laundering compliance failures following two inquiries. Before significant items the result was a $41 million profit and its EBITDA of $317 million was slightly ahead of guidance. Chief executive Robbie Cooke said to describe…
-
Questions over stalled SkyCity inquiry amid money-laundering case
The state government’s Liquor and Gambling Commissioner enlisted retired South Australian Supreme Court Judge Brian Martin KC on July 1, 2022, to investigate whether SkyCity Adelaide is suitable to hold a casino license in South Australia and, if not, “what changes, if any, are required for the licensee to become a suitable person to hold…
-
Star to sack 500 as casino earnings plunge and govt controls hit home
The company’s shares plunged by 7 per cent this morning following the announcement in which it said it would also ask the two State Governments for flexibility in the payments casino duty rates and fines imposed on it over widespread breaches in its money laundering conditions. It has also brought in Barrenjoey to do a…
-
Star set to offload Sheraton Mirage for $200 million
The decision follows the hefty fines and legal cases facing the company following revelations of money laundering at its Sydney, Gold Coast and Brisbane casinos. Both NSW and Queensland governments have hit the company with $100 million fines. The company has gone to the market with expressions of interest for the five star site which…
-
Place your bets: How one of our biggest super funds just took a $100m punt on Star
ART, which has a mantra of being a “force for good”, bought 58.8 million shares in the company which has been rocked by allegations of money laundering and allowing well known criminal underworld figures use its Gold Coast casino. The company is also a joint venture partner in the Destination Brisbane consortium that is building…
-
Executive and board appointments: Star gets Lahey replacement
Foster joins Star Entertainment Casino operator Star Entertainment said it had received regulatory approval for David Foster to join its board replacing Katie Lahey. The appointment was first announced in August. Chairman Ben Heap, who will also stand down when a replacement is found, said Lahey had made a significant contribution to Star over her…