Star Entertainment Kicked Off ASX Over Missing Financial Results

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Star Entertainment Kicked Off ASX Over Missing Financial Results

Operating margins are forecast to recover to ~12% over the same period, however this remains below pre-covid levels considering the additional tax burden from the New South Wales government. After a delayed earnings release and a turbulent regulatory environment, this entertainment behemoth remains a controversial choice for investors. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. While we recognise that sales of the assets in the business could be worth significantly more, uncertainty in the near term outlook results in a change to our rating. Thanks for all your comments on superannuation today, in light of the Grattan Institute report arguing a government-backed annuity scheme would help more people draw down on their super — sharing a few more here. Here’s how the day’s trade unfolded, with insights from our business reporters, on the ABC News markets blog. Star is also awaiting the outcome of a court decision on fines for breaches of anti-money-laundering regulations that are expected to reach to hundreds of millions of dollars.
The report concedes that some improvements have been made since 2022, Mindil Beach licensing including a greater level of transparency and high roller welcome offer cooperation. However, the NICC said the report underscores concerns that it was not receiving all the facts from The Star at a time when it needed certainty the company could fund and prioritise an urgent business turnaround. The casino group had already requested a trading halt on Friday after Adam Bell SC’s latest damning report covering its operations was published on the same day by the NSW Independent Casino Commission (NICC). The Sydney-based exchange issued the announcement on Monday morning after Star failed to publish its annual financial report by last Friday’s (31 August) due date.
In the absence of one or more of those arrangements, there remains material uncertainty as to the Group’s ability to continue as a going concern,” Star said. Star Entertainment will sell its stake in the new Queen’s Wharf Razz Fourth Street casino tech stack and entertainment complex in Brisbane, a deal that will give the company enough cash to stave off collapse for several months. Strict new gambling addiction help rules and fewer tourists at the casino operator’s flagship Sydney establishment have pushed the company into a loss for the past three months. The largest shareholder of the pubs and bottle shop giant said it wants more say in the company’s strategy ahead of new CEO Jayne Hrdlicka’s arrival. The Star Entertainment Group Limited is currently rated five stars by our Analyst Rating and trades at 0.4 of its price to fair value on a $0.27 share price (as at 1st October 2024). On the other hand, Star continues to face potential operational risk at its Queensland facilities. This stems from material uncertainty around the considerable Australian Transaction Reports and Analysis Centre (“AUSTRAC”) fine after alleged non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws.
Sign Up for Take StockInvestment news, stock ideas, and more, straight to your inbox. The Star is continuing to engage with the Joint Venture Partners and will provide an update if there are any material developments regarding the parties’ respective interests in DBC and DGCC. However, Star and its JV partners were “unable to reach agreement on a number of outstanding commercial issues” relating to the deal. Revenues are down, with Star Entertainment reporting an unaudited $270 million in revenue for 4Q FY25, down 31% on 4Q FY24. “[It’s] loaded with $650 million of its own debt, poker games online is still less than 50 per cent operational and requires hundreds of millions of dollars in additional capital expenditure to complete,” Mr Mayne noted.
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 casino.
The embattled live coaching casino games operator has signed a $300 million rescue package with Bally’s Corporation to save the business from administration. The company’s largest shareholder has thrown his support behind the American casino giant’s rescue bid despite Star’s lengthy discussions with another party. Last week, Star shareholders separately approved a $300 million rescue deal backed by US casino giant Bally’s and existing investor Bruce Mathieson. The Star Entertainment Group Limited is an Australia-based company that provides gaming, entertainment and hospitality services.
He’s also spent the past few months talking up a government strategic reserve that would hold bitcoin, ethereum as well as some other coins. “Market pricing now matches our forecast of two more rate cuts, taking the cash rate down to around 3.6 per cent by year-end,” Mr Robertson said in an economic note released on Friday. And it knocks about investor confidence, which could see a more rocky sharemarket and a hit to your super savings. Costco Wholesale would consider making changes to its international supply chain if tariffs from US President Donald Trump lead to big price hikes, chief executive Ron Vachris said on a conference call. The Reserve Bank’s credit card statistics showed credit card debt accruing interest rose by $172 million (up 1 per cent) in January. National credit card debt hit $18 billion in January 2025 — the highest level of debt accruing interest since August 2021. We will keep an eye out for any reports and report them for you over the coming weeks and months.
Insignia said on Friday the two firms now vying for control of one of Australia’s largest wealth management firms had increased their per-share offers to $5 each — an 8.7% premium over their previous $4.60 bids. That wording suggests that more rate cuts may be coming as the bank has long declared that restriction is no longer necessary while inflation, at 2.4% last month, is safely heading back to its 2% target this year. As for a potential catalyst for a turnaround in the ASX200, there isn’t a clear one currently. US trade and tariff policy appears likely to remain volatile, and the upcoming Federal Election adds to the uncertainty, with the possibility of a hung parliament. If the break below the psychologically important 8000 level is confirmed at the close of business today, it would open the way for the sell-off to extend towards 7600.