SGR ASX: Star CEO Steve McCann issues bleak casino earnings update, asks for patience

The half-year accounts, originally scheduled for release in February, showed a steep decline in revenues, which Star attributed to the introduction of stricter payment requirements at its Sydney RSM Club casino tournament live chat. The rules, which started in October, force patrons to use a pre-paid card, which makes gambling more difficult and reduces the risk of money laundering. Shares in struggling casino giant Star Entertainment have plummeted on Friday after a brief trading halt was lifted, as the company searches for a financial lifeline to avoid collapsing.
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Star Entertainment’s largest shareholder, billionaire publican Bruce Mathieson, is backing a last-minute rescue offer from an American casino giant and has agreed to tip in more than $50 million if a deal proceeds. best casino withdrawal times operator Star is staring down another major financial threat, despite shareholders approving a $300 million rescue deal last week. Steve McCann, Star’s chief executive, has been in negotiations with a group of potential investors since early March, when he announced a three-part deal to shore up the casino group’s financial future. Shares in struggling casino customer support Australia giant Star Entertainment have plummeted after a brief trading halt was lifted, as the company searches for a financial lifeline by the end of the day.
Star Entertainment needs to lock in a multimillion-dollar funding package before the start of April or faces the prospect of voluntary administration. The terms are expected to be finalised as early as Monday, following a weekend of negotiations. Sharemarket rallies after US futures, Asian stocks lift; Deutsche Bank first to tip 50bps May cut; Star saved as Bally’s swoops in; $A holds near five-year BlackCoin low wagering. The distressed Star Entertainment will pay up to $10 million to a US hedge fund for a debt facility that was never used, or signed-off on. The businessman’s visit, his second in two months, comes as the group’s Hong Kong backers are also in the country to take ownership of its Brisbane complex. The gaming giant had called off negotiations on an early proposal after finding itself unable to agree on key details of a plan to sell its Brisbane precinct. Real estate (-1.8pc), financials (-1.7pc) and tech (-1.5pc) led the losses in the first 15 minutes of trade.
He’s also spent the past few months talking up a government strategic reserve that would hold bitcoin, ethereum as well as some other coins. „Market pricing now matches our forecast of two more rate cuts, taking the cash rate down to around 3.6 per cent by year-end,“ Mr Robertson said in an economic note released on Friday. And it knocks about investor confidence, which could see a more rocky sharemarket and a hit to your super savings. Costco Wholesale would consider making changes to its international supply chain if tariffs from US President Donald Trump lead to big price hikes, chief executive Ron Vachris said on a conference call. The Reserve Bank’s credit card statistics showed credit card debt accruing interest rose by $172 million (up 1 per cent) in January. National credit card debt hit $18 billion in January 2025 — the highest level of debt accruing interest since August 2021. We will keep an eye out for any reports and report them for you over the coming weeks and months.
The façade came crashing down in August 2022 with the state government issuing a second casino license to Crown Resorts, ramping up competitive pressure. Two experts are now calling for investors to sell two of the largest ASX consumer staples shares on the market. Star Entertainment has returned to its customary position in the loser’s column after warning shareholders about the „material uncertainty“ of their investment, something they should be all too aware about already. Star Entertainment returned to its customary position in the loser’s column after warning shareholders about the „material uncertainty“ of their investment, something they should be all too aware about already. Star Entertainment crashed 18 per cent as the Lucky Elf casino data protection operator continued to seek a financial lifeline. The casino operator said it may face equity contributions above this level if required as part of refinancing commitments when the current loan expires on December 31, 2025. It is unclear when the embattled online casino Australia fair play operator, which has venues in Sydney, Brisbane and the Gold Coast, will resume trading.
Mr Ewing said the fall comes after households took advantage of promotional activity like Black Friday sales, which drove strong goods spending at the end of 2024. But nominal household spending slowed sharply to 2.9 per cent over the year to January, the slowest rate since September 24. Household spending rose 0.4 per cent in January, driven by Aussies spending more on areas including doctors visits and travel. The reserve will be funded with Bitcoin owned by the federal government, obtained through criminal or civil asset forfeiture proceedings. „But the further down the horizon we look, the more opaque the outlook becomes, and stock markets are also looking more cautious as the broader impact of tariffs takes shape.“