Think of the new Star Entertainment properties as a cross between what they are today and ones that will more closely resemble monster-sized RSLs.
New pokies restrictions to prevent money-laundering have hit the casino operator hard as punters opt for cash-friendly alternatives.
Star boss Steve McCann may be lip-syncing Gloria Gaynor’s I Will Survive,but that won’t make it happen.
There is nothing about Xingchun Wang’s taking a 5.5 per cent stake in the struggling casino operator that looks like a white knight rescue attempt.
The casino operator’s prospects have continued to deteriorate to the point that it may need a gambler’s luck to avoid falling into the hands of administrators.
Restrictions on gambling with cash at Star’s flagship casino sent revenue plunging,adding to concerns about its viability.
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.
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.