Star’s new chair admits Sydney casino license issues
The Star's new chair, Anne Ward, has stated that the organization isn't now seen to be qualified to operate a casino in Sydney. She did, however, voice optimism that the...
Star Entertainment enters NSW tax rate agreement
Star Entertainment has recently entered a finalized agreement with the government of the Australian state of NSW on updated gambling tax rates in the market.
This latest agreement follows the company’s preceding announcement in mid-August in which Star entered into an agreement with NSW’s government in principle. The company stated that the terms of the latest agreement remained consistent with the proposed changes agreed upon in the August announcement.
The updated tax rates include a number of sizable increases, with an increase of 2.5% to a rate of 12.5% for revenue from rebate plays being the first one outlined in the company’s latest report. Revenues from table games utilizing no rebates experienced a similar increase, going from just under 18% to 20.25%. These changes have already gone into effect in the Australian state.
However, the agreement also involves changes that are intended to go into effect at later dates, with non-rebate poker terminal revenue due to experience 1% increases twice in the month of July in 2024 and 2027. Additionally, average poker terminal revenue will experience sizable tax increases starting in July of 2030, with its maximum tax rate due to be set at just over 51%. However, revenues under 12.5 thousand Australian dollars will be taxed at lesser rates, with poker terminals generating less than 2,666 dollars being subject to a tax rate of 0%.
The Star executives admit challenges in remediation efforts
Executives at The Star Entertainment Group have acknowledged that their measures to address issues were hurried and overly ambitious.According to the executives, they...
