Star Entertainment currently owns a 50% share of the Brisbane luxury casino complex, which became partly operational last year. Hong Kong investors holding the other 50%. 

Chow Tai Fook Enterprises and Far East Consortium (FEC) both own a 25% share in the project. They agreed in March this year to buy out the Star’s stake. 

However, the investors are threatening to back out of that deal due to “commercial issues”. Wendy Chiu, joint managing director of Far East Consortium, said, “There are some different interpretations between Star and Chow Tai Fook and FEC.

“Honestly, the commercial terms have to add up, especially given this environment. It hasn’t been finalized, and there are some risks, so we are taking our time, and if it doesn’t work, we’ll go back to our original stake of 25 percent.”

As reported by Reuters, Far East said in a separate statement on Monday that Star must repay A$10 million ($6.5 million) or forfeit its remaining third stake in its Gold Coast casino within 30 days of the Brisbane deal being terminated.

Bally’s Takeover Of Star Approved By Shareholders

The Star made a deal with the investment groups amid mounting financial troubles. The company subsequently agreed to a rescue package deal backed by Bally’s, the US casino operator, and Bruce Mathieson’s Investment Holdings. 

On June 25, 98% of shareholders voted in favor of the proposal. It will see Bally’s invest AU$200 million ($130 million) for around 38% of the company. Bruce Mathieson’s Investment Holdings is putting up AU$100 million ($65 million) for a reported 23% stake. 

Combined, Bally’s and the Mathieson group will own a controlling stake in the Star. As reported in Sigma World, The Star’s chair, Anne Ward, urged shareholders to vote in favor of the deal.

“The Star and its advisors have pursued a range of funding options with an increasing degree of urgency over the last 12 months, including asset sales and a variety of recapitalization proposals,” Ward said. “But as the independent expert said, the Star and its advisors have essentially exhausted all options. The strategic investments are the only remaining funding solution available”.

The Queen’s Wharf project is reported to have incurred AU$1.6 billion ($1 billion) of debt. The withdrawal of the Hong Kong investment groups could put the company back into financial difficulty. 

Star AML Failures Cause Financial Troubles

The COVID-19 pandemic hit the Star and other casino operators in Australia hard. The industry has struggled to recover since. Star Entertainment Group reported losses of nearly AU$200 million in 2020. That was due largely to the closure of its Sydney casino for over 100 days.

The company has also faced legal scrutiny over the past few years for its failure to implement anti-money laundering measures. 

In October 2022, the New South Wales Independent Casino Commission fined Star AU$100 million ($65 million). The commission found it “unsuitable” to hold its Sydney license due to serious anti‑money laundering failures. 

Queensland regulators also deemed Star unfit and imposed another AU$100 million fine in December 2022. It also warned of a possible license suspension.

Former executives of the company have been under federal investigation for their involvement in allowing money laundering in the Star’s casinos. 

Chief Casino Officer Gregory Hawkins and former CFO Harry Theodore were fined AU$180,000 ($118,000) and AU$60,000 ($39,000), respectively, in February this year. The pair have also been disqualified from managing companies due to misleading conduct and failing to follow AML rules. 

Australian Transaction Reports and Analysis Centre (AUSTRAC), Australia’s financial crime watchdog, is also seeking an AU$400 million ($263 million) penalty in relation to the compliance failures that are said to have taken place between 2016-2022. 

Last month, the operator said a penalty greater than $100 million would force it into insolvency. However, AUSTRAC pointed to the imminent injection of cash by Bally’s and the Mathieson group as proof it can pay more. 

The takeover from Bally’s and Mathieson looked to have rescued the company. However, the news that the Hong Kong investors are set to walk away led to the Star’s share price falling by almost 7%. 

It remains to be seen whether differences can be resolved in time to preserve the deal. Time will also tell whether AUSTRAC will press ahead in seeking the maximum penalty for the company. 

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Star announced the sale during the Australian Securities Exchange (ASX) in the months following David Roster’s resignation as company chairman.

Star Entertainment would sell the Sydney Event Center and its assets to Foundation Theatres to recover from its current liquidity crunch.

This story comes shortly after Star announced that at the end of December 2024, it only had AU $79 million in cash to spend and has been seeking extra funding since September.

Steve McCann, Star CEO, said: “The Star has worked closely with the team at Foundation Theatres since they acquired the sublease for the Sydney Lyric in 2011.

“We are pleased to partner with them as part of the continued evolution of our broad entertainment offerings at The Star Sydney.

“We continue to work on a number of other potential non-core asset transactions.”

Some have criticized the Star for selling the multi-floor center for less than it is worth.

In an interview with the Australian Financial Review, an anonymous source said: “One theatre alone is worth more than double this, as every assessment in Sydney conducted has determined.

“Sydney desperately needs more theatres, but the last thing we need is more theatres inside a casino.”

Rumors have emerged that Cerberus Capital Management is in talks with some of Star’s lenders to restructure the gaming company’s debt. These rumored creditors include Barclays, Deutsche Bank, Soul Patts, and Westpac.

Reportedly, there are talks about buying out some of the AU $400 million total sum of debt that Star has accumulated. Cerberus has yet to confirm this publicly.

The New York giant Cerberus manages $65 billion in assets. As a leading alternative investment firm, it specializes in credit, private equity, and real estate investments.

Read more about how Star Entertainment ‘prepared for war’ against NSW state regulator.

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The report played a key role in “validating the concerns that prompted the second inquiry” as it cited a lack of urgency from Star Entertainment in dealing with highlighted regulatory issues. 

It has been reported that Star is looking for extra funding as it looks to navigate a volatile period financially following validation of the report, which deemed it unsuitable to hold a casino licence. 

It also caused Star to request a trading halt on the Australian Stock Exchange, as the firm looked to find stability amidst a tricky period of compliance challenges. 

On Monday morning however, Star shares were suspended from trading after the company failed to publish its financial report on Friday’s deadline. 

Although it came after a request from Star for the suspension of share trading, it compounded a period of turbulence for the group off the back of the second report. 

NICC Chief Commissioner, Philip Crawford, said: “The Bell Report reveals a company that had not moved quickly enough to address the governance and cultural concerns raised in the first Bell Report. 

“It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier.”

A statement from the NICC referred to “four compliance breaches” from the Star group.

Crawford continued: “The Bell Report notes that Steve McCann Group CEO, Janelle Campbell Sydney CEO and Jeannie Mok Group COO, bring important experience and expertise to the process of engagement with regulators, remediation and cultural transformation which will be vital if the NICC decides that The Star should remain as the operator of The Star Casino. 

“The level of transparency and cooperation has certainly improved since their appointments. However, the Bell Report underscores the NICC’s concerns that it was not receiving all of the facts from The Star at a time when we needed certainty the company could fund and prioritise an urgent business turnaround.”

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Foster joins former CEO Robbie Cooke in departing the embattled company – with Anne Ward, an independent and non-executive director now taking over the role. 

It was revealed recently that Foster and Cooke, who at the time was Managing Director, were previously looking to force the departure of the company’s special manager. 

The case detailed that the duo had sought to secure legal backing in order to take action against Nicholas Weekes, who was leading the oversight of inspection into the company and whether it was sustainable. 

Messages from Cooke revealed in court stated that he believed the regulator was ‘preparing for war, so we should do the same’. 

Weekes issued his response to the plans, describing them as ‘extraordinary’. Speaking during the inquiry, he said: “It’s difficult to reconcile everything that the company has told me and everything it tells the market and the regulator in relation to its motivations to reform.”

Most recently however, the case further intensified as a court heard allegations that Foster had ambitions to ‘demolish’ the NICC, the gaming regulator for New South Wales. 

When questioned about these messages that were exchanged, Foster revealed that his suggestions were around reform and for the body to come back under a different alias. 

Fuelling the motives of Foster were to ‘even the playing field’ between operators and the Australian nightlife sector. 

Nonetheless, Foster did admit to being ‘trigger happy’ with his text messages and expressed regret over the messages, which he believed were taken out of context. 

“These unfortunately are a snippet of some heat of the moment comments made which I regret, but certainly do not in any way reflect on my actual activities and focus, or the relationship I have with Nicholas Weeks and the regulators,” added Foster

He also described the relationship as being one that has been ‘very focused, constructive and with only one outcome in mind which is working with the company to achieve its remediation outcomes’.

Additionally, Foster defended himself by stating that the content and tone of the messages didn’t replicate the actions he took when it came to the company’s relationship with the regulator.

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When questioned about these messages that were exchanged, Foster revealed that his suggestions were around reform and for the body to come back under a different alias. 

Fuelling the motives of Foster were to ‘even the playing field’ between operators and the Australian nightlife sector. 

Nonetheless, Foster did admit to being ‘trigger happy’ with his text messages and expressed regret over the messages, which he believed were taken out of context. 

“These unfortunately are a snippet of some heat of the moment comments made which I regret, but certainly do not in any way reflect on my actual activities and focus, or the relationship I have with Nicholas Weeks and the regulators.

He also described the relationship as being one that has been ‘very focused, constructive and with only one outcome in mind which is working with the company to achieve its remediation outcomes’.

Additionally, Foster defended himself by stating that the content and tone of the messages didn’t replicate the actions he took when it came to the company’s relationship with the regulator. 

The input of Robbie Cooke has come under increased scrutiny during the trial. Messages from Cooke revealed in court stated that he believed the regulator was ‘preparing for war, so we should do the same’. 

Weeks issued his response to the plans, describing them as ‘extraordinary’. Speaking during the inquiry, he said: “It’s difficult to reconcile everything that the company has told me and everything it tells the market and the regulator in relation to its motivations to reform.

“I find it extraordinary that the chairman of a listed company and a CEO were exchanging messages and contemplating a class action from shareholders against me personally and the NICC in circumstances where their public position is that they’re working cooperatively.”

According to Weeks the allegations underline significant cultural issues at the company, which present a real challenge in progress for the operator moving forward as it falls short of meeting expectations. 

 “I was concerned about the cultural issues. Also, I was concerned about the control environment because balancing the books and counting money was one of those things that I anticipated the casino would be very good at.

“There was an absence of people speaking up and saying ‘we’ve got a problem here’ and escalating issues. Until the new leadership takes hold and really sets a different expectation and standards among team members, these types of incidents may continue to occur.”

Cooke confirmed his departure from Star Entertainment, while his replacement, at least on a temporary basis, was confirmed as Foster.

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One of the key motives for the group’s Chairman David Foster and CEO Robbie Cooke, who at the time was Managing Director, was to force the departure of the company’s special manager. 

Revealed in a court case in Sydney, it was detailed that the duo had sought to secure legal backing in order to take action against Nicholas Weeks, who was leading the oversight of inspection into the company and whether it was sustainable. 

Messages from Cooke revealed in court stated that he believed the regulator was ‘preparing for war, so we should do the same’. 

Weeks issued his response to the plans, describing them as ‘extraordinary’. Speaking during the enquiry, he said: “It’s difficult to reconcile everything that the company has told me and everything it tells the market and the regulator in relation to its motivations to reform.

“I find it extraordinary that the chairman of a listed company and a CEO were exchanging messages and contemplating a class action from shareholders against me personally and the NICC in circumstances where their public position is that they’re working cooperatively.”

According to Weeks the allegations underline significant cultural issues at the company, which present a real challenge in progress for the operator moving forward as it falls short of meeting expectations. 

 “I was concerned about the cultural issues. Also, I was concerned about the control environment because balancing the books and counting money was one of those things that I anticipated the casino would be very good at.

“There was an absence of people speaking up and saying ‘we’ve got a problem here’ and escalating issues. Until the new leadership takes hold and really sets a different expectation and standards among team members, these types of incidents may continue to occur.”

Cooke confirmed his departure from Star Entertainment, while his replacement, at least on a temporary basis, was confirmed as Foster. 

Cooke stated after confirming his departure: “Whilst I find the position exceptionally disappointing, I have reached the conclusion that my continuation in the group CEO role is not going to be conducive to the NICC determining to find The Star capable of becoming suitable to hold a casino licence in NSW.

“In these circumstances a change in leadership provides the best opportunity for the business to navigate the regulatory pressure it is facing. I take comfort in what we have achieved as a team over the last 16 months, and I’m certain the company is now on the right path.”

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This, Star noted, forms part of a wider organisational restructure that will see the creation of property-based operational business units across each core market, which includes neighbouring Brisbane as well as Sydney.

Each of these will subsequently become led by a property-based CEO that will report directly to Robbie Cooke, Group CEO and Managing Director. The Star is progressing the appointment of CEOs in the remaining jurisdictions.

“I’m delighted Jess has accepted the CEO position at The Star Gold Coast. Over the past four years, through some incredibly challenging times, Jess and the Gold Coast team have delivered a world-class tourism, entertainment and gaming destination,” Cooke noted.

Adding: “The organisational changes being implemented are designed to simplify our structure and provide clearer operational accountability at each of our Gold Coast, Brisbane and Sydney properties. 

“The new structure will provide greater responsibility and decision-making power at a property level while maintaining appropriate oversight from the group level.” 

Mellor previously occupied the position of Executive Director and CEO of Aquis Entertainment, whose assets at the time included Casino Canberra, prior to joining Star.

Upon joining the group, she become The Star Gold Coast’s youngest and first female Chief Operating Officer upon being appointed to the position in 2019. 

“When I joined The Star in 2019, I was so grateful to be in a position to take on an amazing opportunity whilst also returning to my hometown,” she said.

“This new role takes it to another level. For me the focus has always been on delivering amazing experiences for our guests and being part of the fabric of the Gold Coast community. 

“There have been some testing times over the past four years, particularly during the COVID-19 pandemic and the agility required to keep adapting day to day. 

“But the Gold Coast is resilient, it’s innovative, and there is an extraordinary future ahead of our city and The Star can be such a significant contributor to that.”

Earlier in the month, Star vowed to learn the lessons from the past amid a proclamation that 2023 “will be remembered as a watershed year” for the company. 

The comments were made by David Foster, Chair and Independent Non-Executive Director, in the operator’s latest annual report, following a series of regulatory run-ins that have blighted the Australian casino industry.

However, the company has asserted that it is emerging from “a period when we committed to changing the ways we fundamentally behave and operate”.

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1.33

The Dutch online gambling market is continuing to meet channelisation goals, however, the nation’s regulator, Kansspelautoriteit, noted that growth appears to be levelling off two years after the legal ecosystem was introduced.

Despite gross gaming revenue increasing to €1.33bn during August 2022 to July 2023, the Ksa has acknowledged that this growth is not as strong as previously witnessed.

During August 2022 to January 2023 ongoing momentum brought a 33 per cent uptick, however, this slowed to eight per cent during the following six months. Online casino games are the largest segment, taking a 74 per cent share.

2023

Star Entertainment vowed to learn the lessons from the past amid a proclamation that 2023 “will be remembered as a watershed year” for the company. 

The comments were made by David Foster, Chair and Independent Non-Executive Director, in the operator’s latest annual report, following a series of regulatory run-ins that have blighted the Australian casino industry.

However, the company asserted that it is emerging from “a period when we committed to changing the ways we fundamentally behave and operate”.

Foster added: “It followed deep self-reflection, and learning our lessons from the past, to help ensure the events that left us challenged in so many ways never happen again.”

24.5

Greek operator group OPAP hit back after receiving a €24.5m fine from the Hellenic Gaming Commission for violating Greek and European Union competition rules. 

OPAP, which stated that it “strongly disagrees” with the financial action imposed, received the penalty as the Hellenic Cooperative of Professional Lotteries issued complaints stating that the firm had unfairly instigated non-compete clauses from 2017-2022, and had therefore undermined legislation on free market competition. 

Seen as a violation of Greek and the EU’s fair competition standards, the company was accused of infringing articles 101 and 102 of the Treaty on the Functioning of the European Union, relating to unfair pricing, limited distribution of equipment and imposing unfair conditions on transactions. 

As a result of the breaches, the HGC issued a fine to represent €10,000 per day that the violations are deemed to have occurred, which stands at a total of €24.5m. 

2

US Integrity and Odds On Compliance disclosed a merger to form “a global powerhouse”, following the pair aligning earlier in the year to form the ProhiBet compliance solution.

This union, the two companies said, will create an industry leading force of expertise, innovation, and solutions for betting operators and professional and collegiate sports organisations.

The combination is expected to close later in the month, subject to certain shareholder and regulatory approvals as well as customary closing conditions.

28

Super Group disclosed the immediate cessation of all activities within the Indian market, citing changes to the country’s Goods and Services Tax.

The parent company of the Betway and Spin brands noted that the decision was implemented from October 1, 2023, adding that the new rules make the region “no longer commercially viable”.

Earlier in the year, India’s Parliament gave approval for the Goods and Services Tax Council to amend tax rates applied to companies deemed to be providing gambling services, regardless of domicile.

The approval saw the GST apply a 28 per cent turnover tax on all services for online gambling, land-based casinos and horse racing.

The GST Council, comprising the Union Finance Minister and delegates from every state and union territory in India, holds the authority to determine tax rates, exemptions, and administrative processes.

331

Golden Matrix entered into a further amended and restated Meridianbet purchase agreement, which has extended the potential date of completion and modified terms on closing. 

The transaction, with a value of approximately $331m, raised from $300m in a prior amendment, is now expected to close in the fourth quarter of the current year or the first of 2024.

This is subject to a range of customary closing conditions that include, but not limited to, GMGI shareholder approval and Nasdaq approval, among other items.

10

The Australian state of Victoria introduced its Gambling Legislation Amendment Bill 2023 to parliament in the latest stage of ongoing efforts to ramp up protections from gambling harms across the region.

Melissa Horne, Minister for Casino, Gaming and Liquor Regulation, put forward the changes, which would enforce mandatory closure periods for pokie spaces across the region. 

This would see electronic gaming machine areas of all venues, except casinos, be subjected to a closure period between 4am and 10am every day. This is slated to enter into force during mid-2024.

In addition to this, the Bill would also extend powers to ban harmful betting on activities that take place outside of Victoria, such as sports played by minors.

42

The American Gaming Association’s latest Gaming Industry Outlook study suggested that top gaming executives are remaining positive when it comes to current business conditions. 

In partnership with Fitch Ratings, the study found that an ‘overwhelming majority’ of executives surveyed find the current business situation to be ‘good’ (42 per cent) or ‘satisfactory’ (55 per cent). 

While representing a positive outlook on the industry, these figures do show a slight decrease from Q1’s statistics, in which 62 per cent reported conditions to be ‘good’ and 35 per cent answered ‘satisfactory’.  

Analysing future projections, when asked about their thoughts on future business conditions, over half of those quizzed expect the next three to six months to be the same (58 per cent). 

72

Mandatory pre-verification for all online gambling has gone live in Australia, with every player registering for an account now set to have their age and identity verified by an operator before they can place a wager.

In a move welcomed by Responsible Wagering Australia, this change, which officially entered into force on September 29, 2023, replaced a 72-hour window that was previously in place.

The independent body welcomed the move as a much needed assist for providers in identifying and preventing underage individuals, as well as those that may have self-excluded through BetStop, from using such services.

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The comments were made by David Foster, Chair and Independent Non-Executive Director, in the operator’s latest annual report, following a series of regulatory run-ins that have blighted the Australian casino industry.

However, the company has asserted that it is emerging from “a period when we committed to changing the ways we fundamentally behave and operate”.

Foster added: “It followed deep self-reflection, and learning our lessons from the past, to help ensure the events that left us challenged in so many ways never happen again.”

Regulatory failings

In September 2022, an unsuitability verdict was received by the group, with “many governance, risk management and cultural failings” reported as being discovered, with Star also found to have treated the state regulator “with disdain” and having delivered “deceptive” communications in the past.

This was followed by a similar ruling some time later within the group’s home market of Queensland, with Star subsequently hit with a pair of A$100m penalty packages as well as a number of remediation orders. 

Further regulatory issues have seen the operator become subject of enforcement action from Australia’s financial watchdog AUSTRAC, and counting four class action lawsuits being levelled against the group.

Charting a path to suitability

Despite the above, Foster confidently declared that Star possesses “a fierce determination” to earn back the trust and confidence of a community that includes regulators, governments, shareholders, team members and guests.

“Holding a casino licence is a privilege and we understand the responsibility involved,” he commented.

“As we progress into FY24, remediation measures are at the forefront of our priorities. It is a comprehensive and urgent focus.”

Despite this, Foster issued a reminder that “the journey has started, but there is a lot more still to be done”, with Robbie Cooke, Group CEO and Managing Director, echoing this sentiment.

“We have commenced the journey but there’s work still to do and everyone needs to contribute,” he commented. 

“Our remediation program will embed an all encompassing cultural and compliance mindset across the business to enable it to meet societal and regulatory expectations as a responsible corporate citizen. 

“The goal is to enable a safe environment free from the risk of criminal infiltration and the negative impacts of gambling harm where our team members, guests and communities can all thrive, and we maintain strong relationships with our regulators and governments.”

Full-year financial woes

For the 12 months ending June 30, 2023, Star Entertainment swung to a huge A$2.43bn statutory net loss as the numerous challenges encountered across recent times continued to take their toll on the company.

In addition non-cash impairments affected its venues, with A$593m in ongoing regulatory and legal costs, including NICC and OLGR fines, AUSTRAC civil proceedings, unpaid NSW casino duty and costs associated with ongoing regulatory reviews, also taking its toll.

Despite this, internal confidence of recovery is still possessed, with the ongoing construction of the multi-billion dollar Queen’s Wharf Brisbane cited as evidence of this.

To conclude, Foster and Cooke commented: “Post those reviews and findings there has been significant change at board and management level. This renewal process represents a new start, a ‘fresh eyes’ approach to ensure what needs to be done is done to earn back suitability. 

“Implementation and embedment of the significant reforms required to restore and maintain our suitability to hold casino licences will also help build a sustainable long-term business that makes positive contributions to the community and continues as a major employer in both states.”

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The embattled casino operator, one of three that has faced an array of regulatory hurdles, is raising A$750m. This will comprise A$589m via a 1 for 1.65 pro rata accelerated non-renounceable share offer and a A$161m institutional placement.

In addition, the company has also confirmed A$450m of new debt facilities provided by Barclays and Westpac, which is made up of a A$150m four-year revolving credit facility and A$300m four-year underwritten term loan.

As a result, Star will have all existing debt repaid and cancelled, no debt maturities until the second half of 2027, a “more flexible covenant package” to support ongoing operations and funding requirements and retain its current operations.

Earlier in the week, Star requested that a trading halt be applied to its ordinary shares as the group put the finishing touches to these capital restructure initiatives.

“Today’s announcement is a key milestone in the renewal of The Star,” noted Robbie Cooke, Group Chief Executive Officer and Managing Director.

“With an optimised capital structure, strengthened balance sheet and enhanced flexibility, we have a strong platform from which to deliver on our renewal program and strategic priorities.” 

The company also issued a trading update for July and August, with operating conditions having stabilised and FY24 year-to-date revenue said to be “broadly consistent with the end of FY23”.

Total domestic revenue through the two months came in at A$143.5m (2022: A$138.3m), with earnings closing the period at A$21m (2022: A$19.9m).

In September 2021, the then Independent Liquor and Gaming Authority, now the NSW Independent Casino Commission, appointed Adam Bell SC to conduct a review of The Star.

The main goal was to assess its suitability to hold and be associated with a casino licence in the region, including compliance with its regulatory and legal obligations. 

In September 2022, an unsuitability verdict was issued, with “many governance, risk management and cultural failings” reported as being discovered, with Star also found to have treated the state regulator “with disdain” and having delivered “deceptive” communications in the past.

This was followed by a similar ruling some time later within the group’s home market of Queensland, with Star subsequently hit with a pair of A$100m penalty packages as well as a number of remediation orders. 

Further regulatory issues have seen the operator become subject of enforcement action from Australia’s financial watchdog AUSTRAC, and counting four class action lawsuits being levelled against the group.

Last month, Star revealed that it had swung to a huge A$2.43bn statutory net loss for the 12 months ending June 30, 2023, as the numerous challenges encountered across recent times continue to take their toll on the company.

This figure includes A$2.82bn of significant items that comprise a non-cash impairment of The Star Sydney, The Star Gold Coast and Treasury (A$2.17bn), debt restructuring costs (A$54m) and redundancy costs (A$16m).

Furthermore, A$593m in ongoing regulatory and legal costs includes NICC and OLGR fines, AUSTRAC civil proceedings, unpaid NSW casino duty and costs associated with ongoing regulatory reviews.

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