Shares of The Star Entertainment Group plunged nearly 21 per cent after the casino owner flagged a write-down of its Sydney casino of up to $1.6 billion.
Star told the market on Monday it expected to post a non-cash impairment charge for its NSW business in the range of $400 million to $1.6 billion, based on the severity of the NSW casino duty rate increases from 2024 and the Bell review. The forecasts were part of an update to the market ahead of its statutory results due on February 23.
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Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
