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Star Entertainment’s largest shareholder, billionaire publican Bruce Mathieson, is backing a last-minute rescue offer from an American casino giant and has agreed to tip in more than $50 million if a deal proceeds. BetMan casino strategy operator Star is staring down another major financial threat, despite shareholders approving a $300 million rescue deal last week. Steve McCann, Star’s chief executive, has been in negotiations with a group of potential investors since early March, when he announced a three-part deal to shore up the casino group’s financial future. Shares in struggling free spin casino promotion giant Star Entertainment have plummeted after a brief trading halt was lifted, as the company searches for a financial lifeline by the end of the day.
The company is burning through cash at the rate of $35 million a month, which gives it about six weeks of funds left before emptying its piggy bank. Revenue slumped 19 per cent over the last 12 months, with Star Sydney the company’s worst-performing asset. Morningstar still expects earnings to recover in the medium term as the Queen’s Wharf development ramps up, cyclical discretionary weakness turns and regulatory costs ease. The company has taken an appropriate approach to shareholder distributions with the suspension of dividends during the pandemic. The remains their intention until suitable providing it remains within its target leverage range at the time. Star has arguably underinvested in its Sydney intensity casino esports wagering, however the $500 million sunk in improving its VIP gaming segment is unlikely to deter Crown casinos from capturing 60% of its VIP market share by fiscal 2025. Boosted by new developments in Queensland and a recovery from current headwinds, we project a 5% annual revenue growth for the five years ending fiscal 2029.
Star Entertainment Group's shares bombed on Friday, losing close to half their already heavily discounted value, Bizzocasino iGaming after the company narrowly avoided collapse, securing a last-minute $200 million bailout from its bankers. "The situation for Star workers in terms of this current financial crisis dates back to September of last year, but for many Star workers, they've been dealing with Star's uncertainty for two to three years." The future of Star Entertainment and its thousands of workers remains uncertain as the company's efforts to secure a financial lifeline go down to the wire. We’re obviously been working with them over a period of time on a range of issues including the importance of the employment that is there and will continue to do so," NSW government senior minister Penny Sharpe said.
The Company operates The Star Sydney (Sydney) and The Star Gold Coast (Gold Coast). The Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. The Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatres, restaurants, bars and other entertainment facilities. Star Brisbane, including litecoin casino bonus conditions 2026 operations, hotel, restaurants, bars and other entertainment facilities. The Company also manages the Gold Coast Convention and Exhibition Center on behalf of the Queensland Government. The Company owns Broadbeach Island on which The Star Gold Coast casino is located.
Oxfam's latest inequality report has found the world's top Australian casino betting limits 10 richest people (all men) made a whopping $150 million a day last year. It found that half of those using account-based pensions draw their super down at the legislated minimum rate. The ABC's resident economics guru Alan Kohler has hammered out this piece, the first of what will be a weekly column on Mondays this year, on the entrenched US exceptionalism and its extraordinary productivity gains in recent times.
Copyright © 2025 FactSet Research Systems Inc.Copyright © 2025, American Bankers Association. "They're not highly paid people — they're struggling with the cost of living as everyone else is and they can't afford to take a pay cut." The union was not aware of any requests for staff to take pay cuts or give up benefits to help keep the business afloat.