The financial forecasts have excluded provisions for potential fines and costs arising out of the ongoing regulatory reviews. Star has been under fire since probes in NSW and Queensland found it had allowed criminals to do business at its casinos, misled regulators and engaged in “inherently deceptive and unethical” conduct. “To put the operating environment into perspective, the group’s current earnings performance is at unprecedented low levels (excluding the COVID-19 period),” the company’s ASX statement said. This was still an improvement on 2022’s COVID-affected earnings of $237 million.
The company flagged earnings of between $280 million and $310 million to the ASX yesterday. Casino operator Star Entertainment will cancel all executive bonusses, freeze salaries and axe 500 jobs after “experiencing a significant and rapid deterioration in operating conditions” particularly at its Sydney and Gold Coast casinos.
