The Star to keep its license despite the AU$15 million fine
The Star Sydney will maintain its casino license despite a new fine, and many imposed rules from the NSW Independent Casino Commission, NICC.On October 17, the NICC...
The Star expects a Q4 revenue drop
According to The Star, group revenue for Q4 is expected to fall 3.3% year on year to a maximum of AU$1.69 billion, with Neale O’Connell as the new interim CEO.
The Australian casino operator said total revenues are expected to fall 4.3 percent from Q3, with Premium Gaming Rooms revenue falling 16.5 percent. While Main Gaming Floor revenues are predicted to jump 5.2%, this increase has “not been sufficient to offset the overall decline,” according to The Star.
The Star revealed that it intends to sell its Festival Car Park in Brisbane as part of a series of actions to “further reduce the operating cost base” of the corporation. The company has had a difficult few years in its land-based operations, including investigations into alleged failures in New South Wales and Queensland.
The Star stated:
“These conditions, coupled with elevated operating expenses as a result of ongoing remediation and transformation activities, as well as increased resourcing in risk and control functions, have resulted in the group expecting its FY24 normalized group EBITDA to be in the range of $165M to $180M.”
With Foster quitting all executive duties and resigning from the board of directors, interim chief financial officer Neale O’Connell will carry out his responsibilities as the acting CEO. A new managing director and CEO are expected to be announced “in the near term,” according to The Star.
Star Entertainment submitted a response to NICC
The Star Entertainment Group has officially confirmed that it has submitted its response to the show cause notice issued by the New South Wales Independent Casino Commission...
