{"id":5272,"date":"2022-11-23T15:05:05","date_gmt":"2022-11-23T15:05:05","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=5272"},"modified":"2022-11-23T15:05:05","modified_gmt":"2022-11-23T15:05:05","slug":"star-sydney-reports-drop-in-revenue-owing-to-competition-and-regulatory-challenges","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/star-sydney-reports-drop-in-revenue-owing-to-competition-and-regulatory-challenges\/","title":{"rendered":"Star Sydney Reports Drop in Revenue Owing to Competition and Regulatory Challenges"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2022\/11\/the-star-sydney.jpg\" alt=\"The Star Sydney\" width=\"300\" class=\"alignright size-full wp-image-5273\" title=\"Star Sydney Reports Drop in Revenue Owing to Competition and Regulatory Challenges\" \/><strong>Summary <\/strong><\/p>\n<ul>\n<li>Star Entertainment said revenue at its Sydney property declined by 11%<\/li>\n<li>Star Sydney&#8217;s casino license was suspended indefinitely in the wake of the Bell Review<\/li>\n<li>The property faces new competition in Crown&#8217;s Barangaroo casino<\/li>\n<\/ul>\n<p>After being found unsuitable to hold a license in New South Wales, <strong>Star Entertainment<\/strong> reported a decline in revenue at its Sydney casino. This came as a direct result of compliance changes and competition impacts, according to the <a href=\"https:\/\/www.top10casinowebsites.net\/news\/stars-new-ceo-robbie-cooke-places-strong-emphasis-on-making-cultural-shift\/\">casino operator&#8217;s newly-appointed CEO and managing director <strong>Robert Cooke<\/strong><\/a>.<\/p>\n<h2>Star Sydney Revenue Down 11%<\/h2>\n<p>During its recent annual general meeting, <a href=\"https:\/\/www.starentertainmentgroup.com.au\/wp-content\/uploads\/2022\/11\/2022-AGM-Presentation.pdf\">Star revealed that revenue at its Sydney venue dropped<\/a> by 11% from 2019 levels. The latest figures cover the period from July 1 to November 15, 2022. <\/p>\n<p>The compliance changes mentioned by Cooke relate to the findings of an inquiry into Star Sydney&#8217;s suitability to hold a license. The inquiry, launched in September 2021, was led by senior counsel <strong>Adam Bell<\/strong>. It unveiled damning details of Star&#8217;s regulatory breaches, including <strong>concealing $900 million of Chinese debit card transactions, committing serious anti-money laundering (AML) failings, and having links with junket operators with criminal backgrounds<\/strong>.<\/p>\n<p>The Bell Review concluded in September 2022 and <a href=\"https:\/\/www.legitgambling.com\/news\/star-entertainment-found-unfit-to-hold-casino-license-in-nsw\/\">ultimately found Star unfit to hold its Sydney license<\/a>. A month later, Star&#8217;s Sydney casino license was suspended indefinitely, with the group slapped with a massive $100 million fine. <\/p>\n<p>Star suffered a significant drop in value so far this year owing to its regulatory troubles. The New South Wales Independent Casino Commission (NICC) appointed <strong>Nicholas Weeks<\/strong> as the new manager of Star Sydney and the casino is required to comply with his orders.<\/p>\n<p>The ongoing regulatory troubles are not the only challenge the group has to deal with as its Sydney property also faces new competition with the opening of Crown&#8217;s Barangaroo casino in August. Cooke told shareholders it&#8217;s part of the &#8220;<em>normal competition<\/em>&#8221; and that Star would work hard to retain its customers.<\/p>\n<p>Crown itself was found unsuitable to hold a license in all three states where it runs casinos though it had been allowed to continue to operate under stricter rules. The <a href=\"https:\/\/www.top10casinowebsites.net\/news\/blackstone-clears-final-hurdle-in-crown-takeover-bid\/\">casino giant was recently acquired by Blackstone<\/a> for AU$8.87 billion (US$6.3 billion).<\/p>\n<h2>Star&#8217;s Overall Domestic Revenue Up 1%<\/h2>\n<p>While Star Sydney&#8217;s revenue dropped, its counterparts in Queensland performed well, with revenue at <strong>Star Gold Coast<\/strong> and <strong>Treasury Brisbane<\/strong> increasing by 32% and 9% respectively. Positive results at Star&#8217;s Queensland properties made up for the losses incurred by its Sydney casino, leading to a 1% rise in the group&#8217;s overall domestic revenue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary Star Entertainment said revenue at its Sydney property declined by 11% Star Sydney&#8217;s casino license was suspended indefinitely in the wake of the Bell Review The property faces new competition in Crown&#8217;s Barangaroo casino After being found unsuitable to hold a license in New South Wales, Star Entertainment reported a decline in revenue at [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,13],"tags":[],"class_list":["post-5272","post","type-post","status-publish","format-standard","hentry","category-australia","category-industry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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