Falling Star: NSW government set to end lifelines for troubled casino group
Up to 4000 jobs are at risk in Sydney with the Minns government unlikely to give a cash bail out to the floundering Star Entertainment Group, which entered a trading halt today.
NSW
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The NSW Government has appeared to rule out any further aid to the floundering Star Entertainment Group, leaving up to 4000 jobs in Sydney at risk.
The group, which counts Sydney’s The Star casino among its stable, is unlikely to receive a cash bailout from the NSW Government, with a spokeswoman on Monday saying the state’s “assessment is that any NSW taxpayer assistance would primarily support the Star’s Queensland expansions”.
“It is the responsibility of The Star to maintain the financial viability of its business,” she said.
The move is at odds with Queensland, where the Star group last week opened its $3.6 billion Queen’s Wharf development, with Queensland Deputy Premier Cameron Dick saying it would herald any calls for help from the business.
“When a large Queensland employer encounters difficulties, our Government will listen if they ask for support,” he said.
“However, taxes must be paid and we would expect all taxes are paid.”
The news comes after the ASX on Monday morning suspended the group from trading after it failed to post its annual financial results on Friday.
It follows Star heading into a trading halt on Friday following a second damning report from the NSW independent Casino Commission (NICC) being released, with chief commissioner Philip Crawford saying the company “had not moved quickly enough to address the governance and cultural concerns raised in the first … report”.
It’s understood the group is currently working to secure funding to enable it to trade and retain its Sydney casino licence.
Last year NSW Treasurer Daniel Mookhey announced the casino would temporarily pay reduced tax rates on poker machine duties in an agreement designed to safeguard jobs.
In the 2024 financial year, The Star added $2.4bn to the economy, including paying $730m in wages to its more than 8000 staff nationwide, of which more than half are based in Sydney.
Any loss of jobs in Sydney would hit workers in Labor state electorates the hardest, with it understood the majority of employees live in Kogarah, Canterbury, Strathfield, Auburn and Bankstown.
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