Star Entertainment is considering a possible sale of its flagship Sydney asset as the casino buckles under competition from neighbouring Crown and the burden of operating under the oversight of regulator-appointed special managers.
It downgraded earnings forecasts and will eliminate 500 jobs, the group said on Wednesday, sparking a 7 per cent fall in the share price that leaves the stock at less than half its value of a year ago.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
Samantha Hutchinson is the AFR's National Reporter. Most recently, she was CBD columnist for The Sydney Morning Herald and The Age. Before that, she covered Victorian and NSW politics and business for The Australian, the AFR and BRW Magazine. Connect with Samantha on Twitter. Email Samantha at samantha.hutchinson@afr.com.au
