Remember that individual shares or investments should only be considered as part of a broader investing strategy. So first is the cyclical downturn in discretionary spending that's weighing on main floor gaming. We do expect VIP gaming to come back to levels much, much lower than it was pre-COVID. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. The potential collapse of the company puts the jobs of about 9,000 workers across its three casinos on the line. The casino group could be broken up in the process, as administrators would search for buyers for individual assets, if the company can't be rescued as a whole.
For a sharemarket gambler, an investment in Star is the ultimate high-adrenaline bet. And make no mistake – this is a big bet from an investor – even one who is located at the epicentre of gambling and who thrives on risk. He has been stalking Star since September last year but only showed his hand this week when his stake tipped over the 5 per cent notification threshold.
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 PliNko casino user reviews assets and a major cost-cutting programme, the best Australian casino for mobile Financial Review reported on Monday.
I'm not sure why the Grattan Institute cares whether people are dying with large super balances? I mean, wasn't everyone pointing the finger at retirees for spending more than other generations (unfairly in my view - and no, I'm still working). US financial giant Oaktree also offered to refinance Star’s debt if it could reach agreement with Star lenders owed more than $450 million, and provide up to $650 million of fresh funding. The deal was subject to numerous conditions and there was no guarantee it would progress, Star said. This includes its major shareholder, pokies billionaire Bruce Mathieson, offering to buy its Gold Coast best online casino Australia crypto deposits.
On Friday afternoon, Lightning Link payout speed Far East Consortium confirmed a deal had been struck, in a filing to the Hong Kong stock exchange. The only positive element to Wang stalking Star is that he is prepared to place money on a bet that Star will survive. It was enough to breathe some life back into the share price, which has moved up from 10¢ to 14¢ since Wang’s shareholding was disclosed. In a possible blow to these asset sale hopes, it has been reported that an Australian company that was lined up to buy the leasehold of the Treasury Hotel in Brisbane has pulled out in recent times.
Exchange operator ASX automatically suspended shares in Star on Monday morning after the Clams Casino Litecoin casino operator missed Friday's deadline for issuing its earnings update for Flamingo Las Vegas Ethereum jackpot slots the first half of the financial year. There remains a large amount of uncertainty surrounding the future of Star’s earnings recovery. The pending AUSTRAC fine, eventual outcome of its casino license and a probable capital raise in the coming months all weigh heavy on its future performance. The collapse in earnings since fiscal 2024 has indicated Star might not have sufficient liquidity to stay afloat amidst near-term earnings headwinds, the AUSTRAC fine and equity contributions to redevelopment. With a $200 million emergency debt facility at a rate of 13.5%, it appears Star may be buying time ahead of a potentially value-dilutive equity raise in fiscal 2025. Queensland is currently the only state where Star holds an exclusive position and consequently the company is throwing substantial amounts of capital (~$3 billion) in ensuring it stays that way.
