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fun 236

7 comments to fun 236

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  • The company said it had received “several confidential, indicative and non-binding proposals” from
    Hong Kong investors Chow Tai Fook Enterprises
    and Far East Consortium International Limited to buy its 50 per cent stake in Queen’s Wharf.
    “All the flags are there it is a very substantial increase in credit risk exposure to a junket to which Star has historically not dealt with much.” The afternoon court proceedings were
    dominated by Dr Higgins explaining to the court documents existed warning Star’s executives and directors of the risks of dealing with particular
    junket operators. Mr Theodore, Star’s former chief financial officer, has agreed to
    settle with ASIC and will have his penalty decided at a hearing by another judge.
    The corporate regulator has claimed Star’s leadership
    failed to address money laundering risks and criminal associations at
    its casinos between 2017 and 2019.
    “It’s going to be important for both government and the Star casino, or whoever ends up taking that over, for it to be an ongoing viable solution.” Mr Hughes said Star would
    likely look to shore up some of its stronger assets, including the Brisbane casino,
    ahead of the 2032 Olympics. Ensuring Brisbane’s casino
    doesn’t become an “eyesore without tenancies” should be
    a priority as further doubt is cast over the future of
    Star Entertainment, a business expert says. Star Entertainment
    is falling into deeper financial trouble and its pockets are empty.

    At the time of the offer, Bally’s said it was “the best alternative for Star and its shareholders”.

    He said the government would also need to move quickly to approve a
    new operator should there be a sale. United Workers Union casinos director Andrew Jones said there was growing frustration amongst staff towards
    Star’s “business as usual” approach. She said if
    this eventuated the administrator would try to
    find a way to sell the company, or parts it that are unprofitable, and then see
    if it could continue in a smaller way to be successful.
    Swinburne University law and corporate governance specialist Helen Bird told ABC’s News Channel it seemed “more than likely” the
    company would tip into voluntary administration.

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