Shares are currently swapping hands at 25.5 cents per share, a far cry from the $4 per share range Star fetched pre-pandemic. Grattan's modelling shows that Australians who draw down their super at the minimum rate when they retire will leave the equivalent of 65 per cent of their original super balance unspent by the age of 92. The report you reference is from the Grattan Institute, which highlights that many retirees are net savers, with their super balances growing for decades after they retire, for fear of outliving their savings.
Embattled online casino high roller benefits operator Star Entertainment is facing a fresh blow, with a deal to exit a major Brisbane development on the brink of collapse. But in a sign of its deepening financial woes, Star has reiterated there is material uncertainty about its ability to continue operating. Star Entertainment chief executive Steve McCann has warned the top casino loyalty rewards sydney group is still battling negative cash flows, and begged shareholders and lenders for patience as he attempts to turn around the business. Star is looking for a financial lifeline to stave off collapse after it was mired in a scandal involving criminal infiltration and money laundering in its Queensland and New South Wales casinos. The King Billy casino payout speed giant said it was anticipating a funding deal on Friday which it would consider, but again warned of the possibility of facing financial collapse.
Undoubtably the presence of Crown Sydney results in a concession of market share from Star. It is approximated that Star will concede 30% of its table revenue within three years and 60% of VIP share by fiscal 2028. Nonetheless, the new competitive environment will necessitate improvement in both players and expand the Sydney VIP and premium gaming markets. Unless specified all financial data is based on a yearly period but updated quarterly.
The second inquiry, dubbed Bell 2 when launched in February, was published on Friday and "validated the concerns that prompted the second inquiry" according to the NICC. The body said it is considering next steps for the future of the suspended casino operator. The financial crime watchdog says the court should disregard RocketPlay casino community forum operator’s threat that it would collapse under the weight of a $400 million fine. The price of Bitcoin plummeted on Friday after the US government signalled it would not acquire additional cryptocurrencies for its strategic reserve beyond its current holdings. Overall, spending on both debit and personal credit cards rose by $207 million in the month and $3.1 billion compared to the same time one year ago. Canstar analysis of RBA figures shows credit card debt attracting interest charges has risen every January since 2015. The price of Bitcoin plummeted on Friday after US President Donald Trump's administration signalled it would not acquire additional cryptocurrencies for its strategic reserve beyond its current holdings.
Australian shares fell to its lowest close in more than six months, wiping off about $50 billion in market value. Star Entertainment will receive a $53 million lifeline, with its Hong Kong joint venture partners confirming they will buy its stake in the Brisbane Queen's Wharf development, pulling it back from the brink of collapse. As well as negotiating with lenders, Star has pleaded for help from state governments, and on Friday, Star chief executive Steve McCann called for its various stakeholders to come together. As it fights for survival, Star said it was continuing discussions to attempt to deal with the crunch on its finances, but there was no guarantee it would be able to reach a deal to resolve its situation. It acknowledged the uncertainty over its ability to continue operating if the negotiations were unsuccessful.
Any closure would also severely affect neighbouring businesses, including cafes and hairdressers that rely heavily on those drawn to, and staying at, the gaming precinct. Its shares plummeted by more than 15 per cent after the trading halt was lifted on Friday morning. Only a white knight can save the just casino loyalty points program operator from becoming Australia’s biggest corporate collapse since Virgin Australia in 2020. Star's recent financial results were delayed by liquidity concerns and the company's shares were suspended from the ASX. The company subsequently secured fresh funding, published its numbers and returned to trading in volatile style.
On Tuesday, a fresh notice showed his shareholding had increased from 5.5 per cent to 6.52 per cent. The following $200 million is subject to a shareholder vote and regulatory approvals. (It might even come in two lots of $100 million, the first after a shareholder vote and the latter after approvals). A proposed long-term funding deal with Salter Brothers last week could not be finalised. The first payment — about $100 million — will be made on Wednesday to allow the operator to stay afloat. Last month it offered Star a $250 million deal and the Australian casino loyalty program casino group wouldn't even meet with them. Company information displayed on The Australian Financial Review is sourced from Morningstar and ASX and is subject to their terms and conditions as set out in our Terms of Use.
Star’s board has not been able to sign off on the accounts as the group has not been able to secure financing to ensure it won’t run out of cash as early as this week. Star allowed Macau-based junket operator Suncity to secretly operate an unbranded VIP room, referred to as "Salon 95." This was despite Australian authorities having identified Suncity as having links to organized crime. "It was unclear whether The Star could feasibly operate under less supervision, when it was exhibiting past behaviors with its license still suspended," he added.
