Strict new gambling rules and fewer tourists at Star Entertainment’s hotel in Sydney have sent the struggling casino group’s revenues plunging by almost a third in the last three months, with the company warning investors it was unlikely to pull off a crucial property sale by the end of the month.
Star’s inability to close the sale of its majority stake in the Queen’s Wharf casino in Brisbane to its Hong Kong-based business partners by that deadline could cost the company $36.5 million. Star has struggled to stay afloat for months, and had $234 million in cash at the start of the month.
SGR Price at posting:
11.0¢ Sentiment: Sell Disclosure: Not Held
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