Comment on Australia’s Star Casino facing mounting financial crisis

Graeme Hanna, ReadWriteWeb
Tue, 01/14/2025 - 6:53am

Australia’s Star Casino facing mounting financial crisis

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.

 

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