Think of the new Star Entertainment properties as a cross between what they are today and ones that will more closely resemble monster-sized RSLs.
Queenslanders were promised champagne and caviar. Turns out,we could end up with Coke and crackers.
Given the state of its finances it really was Bally’s or bust for Star,and the casino operator’s US owner will have to be ready to wade through an ocean of red.
New pokies restrictions to prevent money-laundering have hit the casino operator hard as punters opt for cash-friendly alternatives.
Star was already on its knees when carded play was introduced to its Sydney casino,a measure that brought it completely undone.
Cannabis,tobacco and Star casino may seem like an odd combination of interests,but Star’s rescuer is a different breed from recent US corporate predators.
A $300 million deal with US-based company Bally’s will allow the embattled casino operator to protect 8000 jobs in NSW and Queensland.
Star Entertainment may have just days to pull off a deal that would stave off collapse,as it teeters on the brink for the third time in as many months.
A secret government report concluded the Hong Kong company that rescued Star from financial collapse concealed its relationship with a notorious junket operator.
With a deal in hand to keep the lights on a bit longer,Star Entertainment now has a new bid from an opportunistic raider,adding a twist in the tale for management and Star lenders.