The embattled casino giant has named former Suncorp Bank CEO David Foster as its new chairman after two state inquiries.
The wagering giant raised $203 million from retail shareholders at $1.20 per share,after securing $595 million from institutional shareholders earlier this month.
NSW Labor will not reduce the casino’s tax rate if elected,while The Star insists a rise recently written into the budget will force job losses.
All eyes will be on NSW Treasury’s pre-election budget outlook to see if the state government has amended a tax proposal on Star Entertainment Group’s poker machines,which could decimate its Sydney operations if legislated in its current form.
Gaming and pub king Bruce Mathieson didn’t get rich overpaying for assets,and clearly thinks there is money to be made in Australians’ love of a punt and a drink.
For a government on a crusade to overhaul the gambling industry and needing a pre-election revenue boost,the casino giant was an easy target.
The entertainment giant might claim to be struggling but its Gold Coast and Treasury Brisbane casinos are still raking in record revenue.
Having dug a financial hole for itself,Star Entertainment is now asking everyone to take pity on it.
The casino operator has endured a torrid six months marred by adverse findings of two state inquiries and potential fines that may total hundreds of millions of dollars.
Star Entertainment Group has entered a trading halt ahead of its half-year results as the casino giant chases a cash infusion.
Having already been hit with millions in fines,a new tax means Sydney’s Star casino faces an uncertain future.