Similar Stories to Australia’s Star Casino Facing Mounting Financial Crisis on Bing News

Star Casino, one of the biggest gambling brands in Australia, is in a dire financial situation with mounting reports that the company could be heading for administration. Operated by Star Entertainment Group, with venues in Sydney, Brisbane, and the Gold Coast, the casino has been blighted by increasing pressures, with not enough gamblers staking funds leading to a mammoth cash burn of $66 million (AUD 107m) in just three months. In addition to this, Star has been the subject of ongoing investigations in four different states, in relation to money laundering concerns. The Crown and SkyCity casino companies have also been implicated in these probes. After decades of business, it appears few will be betting on Star navigating the troubled waters that surround the company at present. ABC reports it allowed organized crime groups, including triad gangs from Macau, to gain a foothold within its premises, operating gambling activities from its venues. This has contributed to legal proceedings, with the regulator ASIC alleging Star’s leadership board had “failed to give sufficient focus to the risk of money laundering and criminal associations”. The shadow of ASIC has forced Star to allocate $92.6m (AUD 150m) to a potential, additional financial penalty from the federal AML watchdog, AUSTRAC. Amid this storm of strife, Star has incredibly been heavily involved in expansion plans, sending the company to the abyss.

More Business News

SEC accuses Elon Musk of securities violation in new suit
Business Insider, Tuesday - 01/14/2025 - 07:24 PM
STR/NurPhoto via Getty ImagesThe Securities and Exchange Commission has filed suit against Elon Musk. The new suit alleges Musk violated securities law related to his purchase of Twitter shares. It's not the first time the Tesla leader has gone toe-to-toe with the SEC. The Securities and Exchange Commission has filed suit against Elon Musk, alleging he violated securities law related to his $44 billion acquisition of Twitter, according to a federal docket.
More | Talk | Read It Later | Share
I'm a luxury bag authenticator and I can tell the viral Walmart Birkin isn't the real deal from afar — here's how
Business Insider, Tuesday - 01/14/2025 - 07:22 PM
Walmart; Getty Images; Alyssa Powell/BIKoyaana Redstar, a luxury bag authenticator, has decades of experience identifying fake Hermès Birkin bags. She said that the viral "Walmart Birkin," or "Wirkin," has several telltale signs of being a dupe. But Walmart is also not trying to convince anybody that the Wirkin is the real deal, she added.
More | Talk | Read It Later | Share
Israel's Air Force blazes air superiority path to Iran's border
Business Insider, Tuesday - 01/14/2025 - 07:10 PM
Israel's Air Force now dominates the skies right up to Iran's border, thanks to advanced aircraft like the F-35 stealth fighter. JACK GUEZ/AFP via Getty ImagesIsrael has used its Air Force to strike its enemies with impunity. Syria's collapse now gives it unprecedented power in the air, right up to Iran's border."Israel now has open skies to Iran," a Middle East analyst told BI.
More | Talk | Read It Later | Share
SEC accuses Elon Musk of securities violation in new suit
Business Insider, Tuesday - 01/14/2025 - 06:50 PM
STR/NurPhoto via Getty ImagesThe Securities and Exchange Commission has filed suit against Elon Musk. The new suit alleges Musk violated securities law related to his purchase of Twitter shares. It's not the first time the Tesla leader has gone toe-to-toe with the SEC. The Securities and Exchange Commission has filed suit against Elon Musk, alleging he violated securities law related to his $44 billion acquisition of Twitter, according to a federal docket.
More | Talk | Read It Later | Share
Fintech startup LemFi raises $53M to help immigrants send money back home
The Next Web, Tuesday - 01/14/2025 - 09:52 AM
Coming from South Africa but living in Europe, I can tell you that sending money to family and friends back home is a bit of a nightmare. Typically you must use a traditional bank, which can take a week or more, or payment apps like PayPal or Wise, which charge high fees. The antiquated nature of remittance payments is something that immigrants are all too familiar with.
More | Talk | Read It Later | Share
AI tools to elevate your job search in 2025
The Next Web, Tuesday - 01/14/2025 - 06:58 AM
More than half of knowledge workers now use generative AI weekly, according to a recent piece of research from Asana’s Work Innovation Lab, in partnership with Anthropic. The study also found that takeup ramped up by 44% over nine months in 2024. And those who use AI daily benefit most.
More | Talk | Read It Later | Share

Similar Stories to Australia’s Star Casino Facing Mounting Financial Crisis on Bing News

Welcome to Wopular

MoviesWithButter : Our Sister Site

More Business News