1️⃣ Can an Administrator Hold The Star’s Casino Licences...

1️⃣ Can an Administrator Hold The Star’s Casino Licences Temporarily?

(a) The Role of an Administrator in VA

• When a company enters voluntary administration (VA), a third-party administrator (e.g., KordaMentha, McGrathNicol, or PwC) takes control.
• The administrator’s job is to stabilize operations, assess financial options, and negotiate asset sales or restructuring.

(b) Can an Administrator Legally Hold a Casino Licence?

Problem: Administrators are accountants & insolvency experts, NOT licensed casino operators.
Regulators (NSW NICC & QLD OLGR) require a “fit and proper” entity to hold a casino licence.
Administrators do NOT hold existing casino licences and would struggle to meet compliance standards.

This means regulators would have two options:
1️⃣ Temporarily allow the administrator to hold the licence while a new owner is found. (High-risk decision for regulators)
2️⃣ Suspend the licence until a new owner applies and gets approval. (More likely)

2️⃣ What Happens to the Licence After Administration?

(a) If a Buyer Acquires The Star in VA, Can They Assume the Old Licence?

No. A new buyer must reapply for a fresh casino licence.
Regulators must conduct a full “suitability review” of the new owner before granting a licence.
This process could take months or years, delaying casino operations.

This means that even if VA does not cause “immediate” licence loss, it still results in an unstable period where:

• The original licence cannot automatically transfer to a new buyer.
• Casinos may have to pause operations while new licences are approved.
• Regulators could impose stricter conditions on any new licence.

3️⃣ So Does VA Mean the Old Licence is Effectively Gone?

✅ Yes. Even if regulators allow a temporary transition, the existing casino licence would not survive post-administration.
✅ Any new owner would need to go through a full licence application process.
✅ There would be a disruption to casino operations while the new licence is being assessed.

This confirms our original assumption that VA would be a disaster for CTFE/FEC, Blackstone, and Mathieson because:

• Queen’s Wharf operations could be stalled indefinitely while CTFE/FEC wait for a new licence.
• Blackstone would lose immediate access to the full casino licence it wants in NSW.
• Mathieson’s Star Gold Coast purchase would be meaningless if he has to wait for a new licence.

4️⃣ Why This Still Means a Rescue Deal is More Likely Than VA

Since VA WILL cause a loss of the old casino licence and force a re-licensing process, this means it is in NO ONE’S interest for The Star to enter VA.

CTFE/FEC must protect Queen’s Wharf’s licence at all costs.
Blackstone must secure Star Sydney’s licence cleanly.
Mathieson needs a working Gold Coast casino, not an empty resort.
Regulators (NSW & QLD) do not want a messy casino shutdown or prolonged licence uncertainty.

This means all major stakeholders MUST act before The Star enters VA.

5️⃣ Final Verdict: VA = Licence Chaos. A Deal Must Happen Before That

✅ Administrators CANNOT guarantee a smooth licence transition, making VA too risky.
✅ Any new buyer would be forced to reapply for a fresh casino licence, delaying operations.
✅ CTFE/FEC, Blackstone, and Mathieson CANNOT afford to take this risk—they must act before VA happens.
✅ Regulators do not want a full casino shutdown, which means they would likely encourage a takeover over VA.

A rescue deal (takeover, asset sales, or financing) remains the most likely outcome because VA creates regulatory chaos that NO ONE wants.