The kicker was a strategic review of Star Sydney, the hotel and casino complex that the company has poured $1.3 billion into over the past 14 years. The drastic action was needed after probes in Queensland and NSW found it had facilitated money laundering and misled regulators, Star said, leading to restrictions on its ability to operate autonomously and fines in both states. The analysts put an enterprise value of $798 million on Star Sydney – less than the Gold Coast and Queens Wharf casinos in Queensland. The company has cut executive bonuses, frozen management salaries and will sack 500 staff in a bid to save $100 million a year. Star engaged Barrenjoey Capital Partners as part of a strategic review of its Sydney casino last week after warning investors that its full-year earnings would come in up to $80 million lower than expected. “One key question we want to ask is this: to what extent were any problems in NSW ones which came over the border either because of common governance and practices, or by gamblers excluded there being allowed entry to casinos here, or even being encouraged or incentivised to do so?” Horton said during an initial hearing of the inquiry.Star Entertainment’s flagship Sydney asset is worth $800 million, and the separation of the casino into an operating vehicle and a property trust would be difficult, Macquarie says.

In July, counsel assisting the Queensland inquiry, Jonathan Horton QC, said some evidence from the NSW “may inform” this review. The NSW inquiry has been examining the operations and management at the Sydney casino. Aren’t all the relevant issues already being canvassed by the NSW inquiry? Star Entertainment is the ultimate holding company for two existing casinos in Queensland – Treasury Brisbane and The Star Gold Coast – and, when the project is complete, it will operate the Queen’s Wharf Brisbane casino.

That inquiry, which is due to deliver findings by 31 August, has been examining claims the ASX-listed company enabled suspected money laundering, organised crime, fraud and foreign interference at Sydney’s The Star casino. This came after allegations that Star had potentially acted criminally were aired at a New South Wales gaming regulator’s inquiry. Why did the Queensland government order a review?Īn inquiry was ordered in June by Fentiman.

“We are absolutely committed to ensuring Queensland casinos operate lawfully and in a way that maintains high standards of integrity and public confidence,” Fentiman told AAP. On Monday Queensland’s attorney general, Shannon Fentiman, said “any allegations involving the gambling giant or its associates should be examined by the inquiry”.

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