The Star Entertainment Group in New South Wales (NSW) continues its struggles with financial difficulties as Premier Chris Minns confirmed that the state government will not provide further financial aid to the casino operator.
Minns emphasised that although the government had provided a support package for The Star more than a year ago, no additional funds would be given. He explained that they had previously negotiated a rescue package with the casino operator but stated that with funding requests coming from all over NSW, there are no funds available for casinos.
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Struggling to compete with the bonuses from online options, Star has had to consider alternative options to address its financial difficulties. However, the government will keep watching the situation carefully, as there are concerns about protecting jobs and lowering economic risks.
Ongoing issues have plagued the company, causing concerns of a possible collapse. The company reported a 15% drop in revenue and an $8 million loss in the second quarter, admitting difficulty in securing the remaining funds from a crucial $100 million bailout loan.
Star Entertainment has had a few previous troubles. In October 2022, the NSW Independent Casino Commission (NICC) suspended the company’s licence for failing to comply with regulations. In 2024, the NICC fined The Star $15 million due to serious compliance failures identified in the Bell Two Inquiry last year. In addition to the fine, NICC-appointed manager Nick Weeks will oversee operations until at least March 31, 2025, while the casino’s licence is suspended. For The Star to regain its licence, it must improve management, manage risks, and be compliant.
The company’s shares were halted from trading on the stock exchange in September 2024 after failing to submit its financials on time. In March, the company’s shares were halted again.
In Queensland, Premier David Crisafulli has taken a different stance. While there’s no promise of financial support, he has not ruled it out either. Crisafulli emphasised that the decision would need to benefit Queensland taxpayers and the thousands of workers employed by The Star in the state. Job losses would not only affect employees directly at the casino but also have ripple effects on local businesses that rely on its foot traffic and events.
Andrew Jones, the Casinos Director at the United Workers Union, represents thousands of The Star casino employees, stressed the importance of saving jobs, and urged governments and regulators to help the company avoid collapsing. Mr. Jones believes that workers should not suffer because of management’s mistakes and has urged all parties to prioritise job security and stable working conditions for employees.
According to the union, it has not received any requests for employees to accept pay reductions or surrender benefits to help save the company. Most of the employees aren’t earning high wages and are dealing with the same growing household costs much like others in the country and simply can’t manage to accept a wage decrease.
While there is no current indication of a possible merger or collaboration between The Star and Crown Resorts, the two companies explored a merger in 2021. However, regulatory concerns led to the talks being abandoned, and no new discussions have been reported since.
