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SGR ASX: Star Entertainments mystery Macau backer hikes stake for second time in a week
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SGR ASX: Star Entertainments mystery Macau backer hikes stake for second time in a week
Salon 95 continued to operate even after then-Star CEO Matt Bekier told regulators his company had severed business links to Suncity. Star was deemed unfit to hold its NSW licence by the first Bell inquiry in 2022. Since then, Star Sydney has since been under the supervision of a state-appointed manager – Nick Weeks. Weeks’ term has been extended multiple times and currently runs through September. Each were in breach of Listing Rule 17.5 for not lodging the relevant periodic report by the due date.
The collapse of the deal means Star Entertainment will retain its 50% equity interest in Destination Brisbane Consortium (DBC). Star must also reimburse the JV partners an estimated $31 million in equity contributions by 5 September. This means Star Entertainment will have to pay back the $10 million it received from the JV partners by next Wednesday. Star Entertainment has announced that the deal to sell its 50% stake in Queen’s Wharf, plus other assets in Brisbane, is now off. The deal falling over would leave Star saddled with those costs, as it attempts to turn its business around with the backing of Bally’s. The termination notice will come into effect next Monday unless it is withdrawn within five business day. The Hong Kong investors poised to buy Star out of Brisbane’s Queen’s Wharf development have threatened to walk away from the deal that was first inked back in March.
A second inquiry last year uncovered several additional license breaches, including falsifying records. The Viva Las Venice casino fairness has been overseen by a government-appointed manager since the 2022 report. More than 8000 jobs are on the line, with the company running out of time and money to keep its casinos open. Star acknowledged via the ASX that its shares had been automatically suspended but did not update the market on the status of financing offers it expected to receive on Friday. Bell’s original report outlined anti-money laundering and social responsibility failings at The Star Sydney stretching back years. A year later, a report into Star Sydney’s progress found the Jack Jill casino free spins promo had implemented 22 of 30 recommended measures from the Bell report.
ASIC has accused them of not paying sufficient attention to the risks of money laundering and criminal association that have financially crippled the casino operator with massive fines and gambling restrictions on its pokies. The rocketplay casino poker operator also remains embroiled in legal challenges, with the financial crimes regulator AUSTRAC seeking a $400 million penalty against the company for alleged money laundering, in a court case that kicked off earlier this month. Star Entertainment’s major Macau-based investor BlackCoin welcome bonus has increased his stake in the company for a second time in a week, with the mystery businessman now owning almost 7 per cent of the struggling pure casino sports betting app operator. More than 8000 jobs hang in the balance as teetering RocketPlay casino rewards program operator Star Entertainment is on the brink of financial collapse, with its board in last-ditch talks late on Friday to find the cash needed to keep the company afloat.
Peter Gartlan, co-CEO of Financial Counselling Australia, added that everyone needs access to telecommunications services and said consumers aren’t getting adequate protection. “We continue to hear from callers to our frontlines of egregious examples of telco mis-selling and harm due to poor sales practices and credit assessment requirements,” she said. Overall goods spending fell 0.6 per cent in January, after rising for three months in a row. The government will not acquire additional assets for the stockpile beyond those obtained through forfeiture proceedings. “Any global forecasts need to consider upside and downside scenarios, including the indirect impact of trade tensions on our largest trade partner China. The total value of credit card transactions rose by $21 million in January compared to the previous month.
