(Bloomberg) -- Star Entertainment Group Ltd. is assessing its financial liquidity as it prepares for a critical verdict from the regulator on the future of...
-- Star Entertainment Group Ltd. is assessing its financial liquidity as it prepares for a critical verdict from the regulator on the future of its flagship Sydney casino.An inquiry last week found Star remained unfit to operate the casino — hamstrung by inaction, dysfunctional leadership and questionable ethics.
The most severe determination by the regulator in New South Wales state would be the immediate cancellation of Star’s Sydney casino license, a decision that would have far-reaching financial and economic fallout. But even the most lenient punishment — letting Star continue to operate in the city under government supervision — would force McCann into costly and lengthy reforms with no guarantee of final redemption.
According to the Australian Financial Review on Thursday, lenders are resisting Star’s requests for additional short-term debt, insisting that new loans should be twinned with government tax concessions. Ballooning costs at Queen’s Wharf have also surprised Star’s secured lenders, which are owed A$450 million , the AFR said. A cash shortfall has so far prevented Star’s directors from signing off on the fiscal-year results, the newspaper said.
The report also said some staff on the casino floor this year falsified records to suggest they had intervened to stop gamblers playing slot machines too long without a break — one of the requirements of Star’s license. The employees’ conduct was “systemic and extremely serious” and put customers at risk of gambling harm, Bell said.
Star’s Sydney casino has been run by a government-appointed manager since a seperate report in 2022 found it had lax anti-money laundering controls, allowed patrons to flout China’s capital controls and encouraged problem gamblers. The manager’s term is due to expire on March 31, 2025.Yoshinobu Yamamoto will return to Dodgers' rotation next week after nearly 3-month injury absence
Bloomberg Star Sydney Government Supervision
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.
Growth of private assets poses liquidity issues for estates, requiring careful planningAlternative investments create unique challenges for executors
Read more »
Trump vs. Harris: Pompliano examines crypto’s role in 2024 electionsAnthony Pompliano delves into Trump’s evolving crypto stance as his support surges ahead of the 2024 election.
Read more »
Analyst predicts ‘Bitcoin to $100K’ thanks to U.S liquidity set-upBitcoin could break its current sideways-downward trajectory as liquidity setup looks great for a potential upswing and range-breakout...
Read more »
Bitcoin: Uncovering 2 major reasons behind BTC’s new liquidity waveChina's stimulus of its economy as the USD declines will provide a new liquidity wave for Bitcoin. What does this mean for BTC?
Read more »
B.C. fruit group files for creditor protection after crop losses, 'liquidity crisis'A group that had provided storage and packing services for British Columbia fruit growers for almost 90 years has filed for creditor protection after receiving a bank repayment notice.
Read more »
B.C. fruit group files for creditor protection after crop losses, 'liquidity crisis'The BC Tree Fruits Cooperative announced last month that it was shutting down due to 'extremely low' estimated fruit volumes, and 'difficult market and financial conditions.'
Read more »