Star Entertainment: Casino operator’s shares plummet after trading halt, company on brink of collapse with ‘material uncertainty’ about future
In the world of competitive poker, it is called a stone-cold bluff. “Other global casino giants like MGM Resorts, Caesars Entertainment, or private equity firms could also be interested in acquiring a distressed Australian casino portfolio. Mr Hughes said if Star was forced to sell the rights to operate a casino, buyers were circling. “A buyer would have to be comfortable with a company in Star’s circumstances to be a joint landlord and take the risk of default under the agreement.” On Monday, the company notified the ASX that the deadline for termination has now been extended to July 31st.
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“Then I think it’s fair to say [Star has] been subjected to an unfair overreaction by various regulators which have contributed to [its financial trouble] with a $100 million fine.” “Pubs and clubs don’t have the same restrictions that Star has, which is obviously hurting, and the VIP players that used to be a big part of the casino business have gone, maybe forever. “We think casinos in Australia will never be the lucrative businesses they once were,” Hewitt said.
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In recent times, shareholders in the publicly listed company have shovelled billions of dollars into Star to keep it afloat, with their efforts not stopping their investment’s value from tanking. A Macau investor has built up a significant stake in the casino operator, spending more than $30 million on shares since September. That includes the only hotel in Australia to be awarded a Forbes five-star rating, a $100 million event centre, the second biggest casino in the country and a luxury spa. The Star Brisbane features the 5-star The Star Grand luxury hotel, and offers an exciting array of new restaurants, bars and entertainment experiences and the property’s state-of-the-art Event Centre which is home to Brisbane’s largest hotel ballroom. The Star Sydney blends luxury hotel stays, innovative dining, competitive gaming, and entertainment excellence into a single iconic venue on Darling Harbour. Its iconic, glass-clad architecture houses a sprawling gaming floor, five-star hotels, sophisticated bars, and endless culinary options.
US casino operator Bally’s has reportedly shown interest, as has billionaire Clive Palmer. “Star has to maintain itself as a viable casino … The NSW and Queensland governments have shown little interest in bailing out the company, and on Friday they pointed to the impact of Star’s precarious situation on jobs.
The Star has pulled out of its $3.6 billion Queen’s Wharf stake sale just days after shareholders approved a $300 million rescue by US casino giant Bally’s. Casino operator Star is staring down another major financial threat, despite shareholders approving a $300 million rescue deal last week. When Star shares went into a trading halt this year, plenty of pundits envisaged a scenario where Crown bought the jewel in Star’s portfolio – the Sydney casino – and with it the poker machine licences that would reverse its own fortunes. At its annual investor meeting in November, McCann and Star’s chair, Anne Ward, warned of the challenges ahead as its casinos struggled with the implementation of a ban on cash-based gambling – a measure to avert money laundering – which saw gambling on its poker machines dive. After a brief trading halt on Friday morning, Star shares plunged 15.4 per cent to 11¢, valuing the company once worth $5 billion at about $315 million.
