Star, which has been embroiled in a slew of government probes, said it expects to incur a charge if a proposed hike in the casino duty rate in New South Wales is implemented in its current form.
Star said it intended to undertake an urgent review of the operating model and assets of its Sydney business if the state government's proposal went ahead.
Shares of the country's second-largest casino operator fell as much as 21.9% to hit an all-time low of A$1.465, while the broader market was slightly weaker. The tax reform proposal is playing a central role in New South Wales elections scheduled for March 25. The incumbent conservative state government also wants to phase in mandatory cashless poker machines in five years to curb the problem of gambling and money laundering, while the centre-left Labor opposition wants a limited trial of cashless machines only.
The company said it would incur remediation costs of about A$20 million in the six months ended Dec. 31, as it attempted to improve compliance processes to return to licence suitability. The embattled firm's earnings have dwindled amid a slew of government probes, COVID-19 curbs and three class actions. It reported an annualStar forecast underlying earnings before interest, taxes, depreciation and amortisation of A$330 million to A$360 million for the year ending June 30, 2023, compared with the A$237 million reported last year and lower than Factset consensus of A$446 million.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia's Star Entertainment sees up to $1.1 billion hit from tax change; shares plungeStar, which has been embroiled in a slew of government probes, said it expects to incur a charge if a proposed hike in the casino duty rate in New South Wales is implemented in its current form.
Read more »
Star Trek Reveals Another Next Generation Crew Member Made CaptainStarTrek has confirmed that another member of the StarTrekTheNextGeneration crew was promoted to captain.
Read more »
Star Wars: The Mandalorian Season 3 Reveals New Mandalore ImageStar Wars: The Mandalorian Season 3 is approaching rapidly, and fans just got a look at the [...]
Read more »
The Last Of Us Star Jeffrey Pierce Talks Playing A New Role For The ShowWe chat with TheLastOfUs star pierce_jeffrey about experiencing the world of the videogame in a whole new way, his new character Perry vs his game character Tommy, and the events of episode 5:
Read more »
Star Trek Logs Includes New 'Picard' Season 3, 'Next Generation' IntelOkay, as much as we've enjoyed what's been released preview-wise for the third & final season of Paramount+'s Sir Patrick Stewart-starring Star Trek: Picard? If you are someone like us who needs to do a little catching up when it comes to what's been going on with the 'The Next Generation' cast, the Star Trek Logs […]\n
Read more »
Exclusive: South Korea aims to join AI race as startup Rebellions launches new chipSouth Korean startup Rebellions Inc launches an artificial intelligence (AI) chip on Monday, racing to win government contracts as Seoul seeks a place for local companies in the exploding AI industry.
Read more »