- The Star Entertainment Group (SGR) reaches an agreement with the NSW Treasurer, regarding amendments to casino duty rates
- Key duty rate amendments, including changes to Rebate Play, Table Games, and Poker Machines, are now part of the agreement
- SGR CEO and Managing Director Robbie Cooke says the in-principle agreement is a step in the right direction
- The estimated additional duty payment for FY24 stands at approximately $10 million
- Star Group last traded at 97.5 cents
The Star Entertainment Group (SGR) has reached an agreement with the NSW Treasurer, The Honourable Daniel Mookhey MLC, regarding amendments to casino duty rates.
The amendments, once finalised, are aimed at ensuring the sustainability of SGR’s operations and protecting the livelihoods of its thousands of team members.
The NSW government had initially proposed a casino duty rate increase without consulting The Star.
The company argued that this move was unsustainable and could harm the economic viability of its Sydney business, jeopardising jobs.
The agreement includes several key duty rate amendments, including changes to Rebate Play, Table Games, and Poker Machines.
SGR CEO and Managing Director Robbie Cooke said the in-principle agreement was a step in the right direction.
“The arrangements enable us to continue working at pace to implement the significant reforms required to restore The Star Sydney to suitability, earn back the trust of the community, and ensure we remain a valuable contributor to the NSW economy.”
The projected additional duty payable for FY24 is estimated to be around $10 million.
SGR traded at 97.5 cents.