The billionaire pocketed $3.3 billion selling his stake to Blackstone,and while his fortune has soared since the deal,the resort group is now worth peanuts.
Star’s let-off in Sydney last week doesn’t change one harsh fact:it is still running out of money and the next year remains a brutal one.
Star Casino has been hit with a $15 million fine by the casino regulator,with the licence suspension extended until March next year.
The Sydney casino is worth less than its chief executive Steve McCann’s first-year pay cheque of $10 million,based on the report authored by Barrenjoey’s Matt Ryan.
The ailing casino operator finally delivered its full-year results on Thursday,after snagging a last-ditch $200 million loan from its banks.
It is now so dependent on regulators and lenders that Star’s fortunes are largely outside its control.
Two men including a Star employee have been charged over a scheme to rig bets in games at the embattled casino.
Destination Brisbane Consortium and luxury retail giant DFS fell out over the condition of spaces to be leased,and work to prepare them for occupation.
Singaporean gambling baron Yew Choy Wong signed a blank cheque. But when The Star casino staff tried to cash that cheque for $43m at a National Australia Bank branch on the Gold Coast,it bounced.
Chow Tai Fook Enterprises approached the NSW casino regulator about taking a major stake in the casino,but pulled out after learning about probity checks.
The family that took legal action to suppress a report into Star’s suitability to hold a casino licence has a long history of escaping scrutiny.