Star’s board has until the close of business on Tuesday to finalise the group’s accounts and get lenders’ relief, or the ASX will step in. The money laundering regulator’s public Baccarat Betting Advice for Consistency on using consultants contained some pretty good internal advice. Management of entertainment and leisure destinations with gaming, entertainment and hospitality services. As Jumbo Interactive shares slide, its bold global deals may be building the next chapter of growth.
The company told shareholders on Friday that it would halt trading and publish its full-year results later in the day. That’s while it "considered the implications" of a damning report by New South Wales (NSW) regulators that found it was still unsuitable to hold a gaming license for its flagship Star Sydney property. Star is preparing to announce a $1.4bn write-down of its top crypto casino withdrawals assets and a major cost-cutting programme, the Australian Financial Review reported on Monday.
Our Star Entertainment analyst Angus Hewitt recently sat down with me to discuss the Star's financial position, RocketPlay Microgaming games regulatory concerns, what markets want to see from the company, Bet365 sports betting platform and whether the shares offer a big enough margin of safety. "There remains material uncertainty as to the Group's ability to continue as a going concern," Monday's statement reiterated. The casino operator, which was due to deliver its latest accounts on Friday, is facing voluntary administration.
The published report states that it made a loss before interest, tax, depreciation and amortisation costs of $27 million for the quarter to June 30, on revenue of $270 million. Star said Destination Brisbane Consortium (DBC), in which it continues to hold a 50 per cent equity stake, has a debt exposure of $1.4 billion. It now also remains exposed to $200 million of future equity contributions to DBC due to massive cost overruns at the $3.6 billion resort.
Star Entertainment has managed to avoid financial collapse for now after signing a deal to sell its stake in Brisbane’s Queen’s Wharf casino to its two equity partners along with other assets. Star Entertainment halted trading of its shares on Friday after a state-level casino regulator issued a damning report accusing the group of failing to clean up a culture House of Jack live dealer games money laundering and fraud. Australia’s largest publicly traded BK9 casino server downtime operator has been temporarily suspended from the country’s stock exchange after failing to lodge its annual financial results. Star chief executive Steve McCann has been negotiating to lock in a different package which would leave the company’s Queen’s Wharf complex in Brisbane with two Hong Kong investors. That deal is backed by alternative asset manager Salter Brothers and includes a $750 million refinancing.
Globally, the 10 richest people are all men, and their wealth increased by more than $150 million a day on average. "We're asking people to decide how much they're going to draw on their superannuation each year, without knowing how long they're going to live," Grattan's Brendan Coates told ABC New Channel. The gold didn't enjoy much of a day with most miners in the red despite the gold price picking up in the afternoon session. The gains were largely across the board with 120 companies making gains, 72 losing ground and 8 going nowhere from Friday's close. The ASX 200 gained 0.5 per cent ahead of Donald Trump's inauguration ceremony on Tuesday morning. Start the day with a summary of the day’s most important and interesting stories, analysis and insights.