It since has been selling neighbouring properties in Southbank, elite poker tournaments bought by Crown when James Packer was still running the outfit. US investment giant Blackstone bought Crown in 2022 for $8.9 billion with grand plans for a refurbishment and expansion, which appears to have come to nought. Investors were spooked by a financial performance that revealed an operation haemorrhaging cash with little prospect of an immediate improvement.
On Tuesday, a fresh notice showed his shareholding had increased from 5.5 per cent to 6.52 per cent. The following $200 million is subject to a shareholder vote and regulatory approvals. (It might even come in two lots of $100 million, the first after a shareholder vote and the latter after approvals). A proposed long-term funding deal with Salter Brothers last week could not be finalised. The first payment — about $100 million — will be made on Wednesday to allow the operator to stay afloat. Last month it offered Star a $250 million deal and the Australian casino group wouldn't even meet with them. Company information displayed on The Australian Financial Review is sourced from Morningstar and ASX and is subject to their terms and conditions as set out in our Terms of Use.
Membership fees for the quarter hit $US1.19 billion, up from $US1.11 billion in the second quarter of 2024, with the company reporting 78.4 million paid memberships and 140.6 million total cardholders. The retail giant's second-quarter revenue increased to $US63.72 billion, from $US58.44 billion during the same quarter in fiscal 2024. "The tariffs are very fluid right now. So it's hard to really give any predictions on what we can do, but we are prepared, our people are very well equipped to lower prices and defer any cost increase that come our way." "Sometimes the margins are much tighter in those categories, but they [buyers] are prepared to work closely with the suppliers and see how efficient we can bring goods to market - is there anything we can mitigate in those categories. The Insurance Council also often puts out detailed reports on the economic impacts of natural disasters.
The longer-term investment case is clouded by the threat of Crown Sydney, liquidity risk and tightening regulatory measures. This article explores the once monopolistic establishment and why we believe its trading over 50% below its fair value. Star Entertainment’s shares will remain suspended for at least another week as the PayPal casino craps operator’s chief executive, Steve McCann, tries to secure the last of a series of deals critical for the company to stay solvent.
The notice to terminate the transaction comes into effect in five business days, on Monday July 7, unless withdrawn prior. "We need to implement those, and we need to make sure that we understand what the revised revenue model is for our business across gaming and non-high‑stakes gaming bonus codes over time," McCann said at the meeting. The provisions are used when a financially struggling company is considering a last-ditch restructuring attempt as an alternative to financial collapse and calling in administrators.
Star Entertainment has managed to avoid financial collapse for now after signing a deal to sell its stake in Brisbane’s Queen’s Wharf casino to its two equity partners along with other assets. Star Entertainment halted trading of its shares on Friday after a state-level casino sportsbook Omaha regulator issued a damning report accusing the group of failing to clean up a culture of money laundering and fraud. Australia’s largest publicly traded Avantgarde casino instant play operator has been temporarily suspended from the country’s stock exchange after failing to lodge its annual financial results. Star chief executive Steve McCann has been negotiating to lock in a different package which would leave the company’s Queen’s Wharf complex in Brisbane with two Hong Kong investors. That deal is backed by alternative asset manager Salter Brothers and includes a $750 million refinancing.
In a late-night update to the ASX on Monday, Star Entertainment revealed Bally’s would pay $100 million by Wednesday to keep the business’s doors open across Brisbane, the Gold Coast and Sydney. Let's see what top brokers think of Domino's Pizza shares following the AGM update last week. Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool best live dealer poker rooms Australia 2026's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. Star Entertainment said it would remain engaged with its JV partners and would update investors if anything changed. Star Entertainment will remain responsible for its share of future equity contributions to DBC, estimated at $200 million. This is a significant development given that the cash-strapped casino sought to sell the assets to boost its balance sheet.
Star chief executive Steve McCann has unsuccessfully tried to coax lenders, state governments and investors into giving the embattled casino operator the time and cash needed to work through its challenges. Embattled casino operator Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes, sparking a further drop in the company’s share price. Shares in The Star Entertainment Group Limited ("Star") tanked last week after their first day back on the ASX in almost a month. This ended a prolonged trading halt further aggravated by a slap-on-the-wrist ASX suspension for failure to provide timely financial accounts.