• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 4 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Star Entertainment Group to cut 500 jobs, freeze salaries as new regulatory restrictions hit bottom line

Ben Blaschke by Ben Blaschke
Wed 19 Apr 2023 at 13:30
The Star Gold Coast

The Star Gold Coast

37
SHARES
915
VIEWS
Print Friendly, PDF & Email

Australia’s Star Entertainment Group has announced it will cut 500 full-time jobs, cancel executive bonuses and freeze the salaries of non-EBA (enterprise bargaining agreement) employees due to a significant deterioration of operating conditions at its Sydney and Gold Coast casinos.

The actions, which will be complemented by a strategic review of possible structural alternatives to further increase value for shareholders, were revealed in a Wednesday ASX filing, with Star claiming it will save the group AU$100 million (US$67 million) in annual operational expenditure.

It also comes amid fears the NSW state government is about to impose a significant tax hike on Star’s gaming revenues, potentially raising the current 32% tax on electronic gaming machines to more than 60%.

However, Star said Wednesday that of greater concern has been a “significant and rapid deterioration in operating conditions” – particularly at The Star Sydney and The Star Gold Coast – driven by recently introduced operating restrictions imposed in the wake of multiple state inquiries into its operations. It also cited an emerging weakness in consumer discretionary spending behaviour.

“The Star Sydney continues to operate in an uneven competitive environment as it relates to the regulatory settings for complimentary services in its private gaming areas,” Star said.

Likewise, “the strong 1H23 performance at the Group’s Queensland properties as reported in February, which was driven by strong domestic revenues in that period (relative to pre-COVID levels), has deteriorated in recent weeks, particularly at the Gold Coast.

“To put the operating environment into perspective, the Group’s current earnings performance is at unprecedented low levels (excluding the COVID-19 period).

“If these current conditions continue for the balance of the financial year and do not materially change, underlying FY23 EBITDA is expected to be in the order of AU$280 million to AU$310 million (US$188 million to US$209 million), including the FY23 impact of the cost initiatives described below.

“The FY23 underlying EBITDA excludes provisions for fines, costs associated with the ongoing regulatory reviews (legal, consultant and other costs) and any one-off costs associated with the Group’s cost initiatives, all of which will be treated as significant items.”

Star, which has already been fined AU$200 million (US$134 million) by regulators in NSW and Queensland and faces further punishment from AML watchdog AUSTRAC for failings uncovered during the NSW Bell inquiry, said it “intends to engage with the NSW Government, the Queensland Government and AUSTRAC in respect of casino duty rates and flexibility on payment terms in relation to any current and future penalties.”

RelatedPosts

Age of Creation

Korea’s Paradise Co back on track in August as casino revenues soar past US$57 million

Wed 3 Sep 2025 at 05:33
Jeju Dream Tower casino sales down 7.4% in March

Korea’s Jeju Dream Tower stretches run of consecutive volume and visitation growth to seven months as September hits record highs

Tue 2 Sep 2025 at 05:20
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

Suntrust confirms “strategic working agreement” with Travellers entities to cede construction, operational control of Manila casino project

Mon 1 Sep 2025 at 13:08
China’s largest travel agency discussing agreement with Korea Tourism Organization

South Korea’s gaming and tourism industries call for overhaul of regulatory framework amid rising regional competition

Mon 1 Sep 2025 at 05:34
Load More
Tags: Australiacasinojob cutsStar Entertainment GrouptaxThe Star (Sydney)The Star Gold Coast
Share15Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR

Related Posts

NUSTAR joins Brigada Eskwela 2025 to Support local kindergarten students

NUSTAR joins Brigada Eskwela 2025 to Support local kindergarten students

by Newsdesk
Wed 3 Sep 2025 at 16:46

As part of its commitment to uplifting communities through meaningful service, NUSTAR Resort & Casino Cebu participated in this year’s Brigada Eskwela 2025 with an outreach activity held on 8 August at Vicenta A. Manreal Elementary School in Pooc, Talisay...

Ng Wai Han named as first ever female director of Macau’s gaming regulator

Staffing ratio of locals within Macau’s gaming industry in focus as DICJ promotes two more department heads from Labour Affairs Bureau

by Pierce Chan
Wed 3 Sep 2025 at 14:26

According to the Official Gazette of the Macao SAR Government, three departmental heads at the Gaming Inspection and Coordination Bureau (DICJ) have recently been replaced. Two of the newly appointed directors previously served for many years at the Labour Affairs...

Deliver premium live casino experiences that boost revenue

Deliver premium live casino experiences that boost revenue

by Newsdesk
Wed 3 Sep 2025 at 11:53

For online casino operators and live studios, understanding the key components of an exceptional player experience is crucial for standing out in a competitive market. By blending immersive streaming environments with interactive social features, you create an engaging and personalized...

IAG announces Studio City’s Blind Tiger at W Hotel as Venue for Macau After Dark 24 on Thursday 29 August 2024

Moody’s: Melco to significantly reduce leverage through end-2026 on solid revenue growth, profitability

by Ben Blaschke
Wed 3 Sep 2025 at 06:29

Macau’s Melco Resorts & Entertainment is expected to reduce its operating leverage, calculated as Adjusted DEBT/EBITDA, from around 6.7x as of 30 June 2025 to around 5.4x in 2026 due to a continued increase in its revenues and profits. The...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English