ASX SGR: Jobs cuts at Star as new owners prepare to take control

The Star Sydney’s casino is open 24/7, complemented by late-night bars and entertainment. From luxury stays and award-winning dining to live shows and memorable experiences, whatever your fun, day or night, it’s all in one unforgettable destination. Despite initial cost estimates, according to Echo Entertainment Group CEO, Larry Mullin the final cost was estimated to be around A$961 million. The Star operates eight bars within the complex with a further two outlets designated as bars and another two external independent outlets able to serve alcohol. Not all the restaurants are managed by The Star with a number of outlets being privately managed. The Star’s Harvest Buffet is known for its all you can eat buffet with seafood buffet over the weekend. As in most casinos, the gaming floors of the venue are constantly monitored by a security camera system.
A major expansion and rebranding in 2011 transformed the site into The Star Sydney, now home to luxury hotels, gaming floors, theatres, and a celebrated dining scene. The Star Sydney is a world-class integrated resort encompassing a casino, luxury hotels, acclaimed dining venues, retail outlets, and live entertainment spaces. Since its inception, it has established itself as a cornerstone of Sydney’s nightlife and a magnet for both domestic and international tourists. This guide presents comprehensive visitor information, including opening hours, ticketing, accessibility, accommodation, dining, entertainment, tours, and nearby attractions.
It has burned through so much cash that despite raising more than A$2 billion in equity and debt since the start of 2023, it warned last week that it had just A$79 million left – barely enough to see it through this quarter. The trouble started in October 2021, when the Sydney Morning Herald reported Star enabled suspected money laundering, organised crime and fraud at its casinos for years. SYDNEY – Australia’s biggest listed casino operator, Star Entertainment Group, once had it all. The previous Queensland government this year waved through CTFE as a suitable casino operator, declaring the evidence did not substantiate that the company had deliberately concealed its relationship with jailed “junket king” Alvin Chau. “We need to make sure that we understand what the revised revenue model is for our business across gaming and non-gaming over time,” he said.
In February, Star said it had received an $650 million offer from US alternative asset manager Oaktree Capital to refinance its debt. However, the proposal was laced with conditions, including the approval of NSW and Queensland governments and regulators, and a satisfactory settlement with existing lenders. The casino operator, which was due to deliver its latest accounts on Friday, is facing voluntary administration. Pubs and clubs are not subject to the card-only AC8 gambling laws Malta and stricter know-your-customer requirements that are being implemented across Star’s casinos. Under the terms of the deal, Rhode Island-based Bally’s and Star’s largest investor, Bruce Mathieson, would inject fresh funds to keep Star afloat.
The Star also boasts 351 hotel rooms and 130 serviced and privately owned apartments, and is famous for overlooking Darling Harbour. Further inquiries led to the loss of its licences and this ASIC legal battle, as well as legal action by financial crime regulator AUSTRAC over the money-laundering breaches. The admission by Theodore, who faces a fine and ban from managing a corporation, is not a big surprise. At the 2022 hearing into whether Star should retain its casino licence, he admitted to acting unethically when approving communications from the iOS casino app to NAB that tried to disguise banned gambling transactions as hotel expenses. In 2022, an NSW inquiry concluded that Star Entertainment was unsuitable to possess a gaming license in the state. The probe found widespread evidence that The Star Sydney did little to combat money laundering at its casino and keep criminal syndicates off the property. Australia’s second-largest casino operator, Star has agreed to pay an AU$15 million (US$10 million) penalty after the NSW Independent PokieSurf Android casino app Commission (NICC) determined that the company remains noncompliant regarding regulatory obedience.
Bally’s pitched its $300 million deal to Star in early April, after the casino operator failed to secure a $940 million lifeline from investment company Salter Brothers. Star Entertainment’s prospective owner, Bally’s chairman Soo Kim, says the company’s luxury casinos will need to lose some of the glitz and glamour as they start life over from scratch. Each gaming option at Star Casino Sydney is designed to cater to various interests and skill levels, ensuring that all visitors have a memorable and enjoyable experience. Whether you’re drawn to the strategy of poker, the luck-based thrill of slot machines, or the social aspect of bingo, The Star Casino has something to offer.
It partners with leading gaming software providers to offer a diverse portfolio of games, ensuring high-quality graphics, sound, and reliability. These technologies also enable a smooth, intuitive user interface across both its physical machines and online casino Australia top bonus codes platforms. The Bally’s-led bailout came on the very day cash-strapped Star was predicted to run out of money completely as it struggled with a dire liquidity crunch. Shares in struggling casino giant Star Entertainment have plummeted on Friday after a brief trading halt was lifted, as the company searches for a financial lifeline to avoid collapsing.
In late 2022, the Queensland Government also found Star unsuitable to hold its dual state casino licences. Former Court of Appeal Judge Robert Gotterson conducted an independent review of the matter. Queensland Attorney-General Shannon Fentiman found Star misled regulators and failed in its anti-money laundering duties. The company has been served a statement of claim for a securities class action in the Supreme Court of Victoria. The class action alleges that Star breached disclosure obligations and acted against the best Australian casino bonuses interests of the shareholders.
On the main gaming floor you’ll find over 1,000 electronic gaming machines and a host of traditional table games, as well as the 36 Degrees Bar and the Oasis Lounge. The Sovereign Room is The Star’s exclusive gaming floor on the third level of the Australian casino mobile slots resort. The room is available only to international players and high rollers who submit an application for membership. This members-only gaming floor includes extra dining, exclusive lounges and four private gaming rooms.