Pinned straw:
How you can stuff up so badly when you operate a casino -- something that enjoys favourable and mathematically guaranteed odds, and that enjoys a potent regulatory moat -- is beyond me. As it turns out, even when you (allegedly) break the law, you still can't deliver decent returns to shareholders.
Even at the revenue line, they made less this year than they did 10 years ago. The huge loss at the bottom line was due to a whopping $1.4b writedown, which always gets waved away as "non-cash" but simply means they massively overpaid for major assets (and represents a very real loss when looked at holistically)
At least a lot of vulnerable "gaming" addicts were exploited along the way, eh? :(
New CEOs and Chair lots happening here.
Transformation – The Star Entertainment Group
New Leadership
Board
29 April 2024 Appointment of new Chair
07 Feb 2024 Appointment to the Board – Peter Hodgson (subject to regulatory approvals)
Management
26 June 2024 Appointment of Group Chief Executive Officer and Managing Director (subject to regulatory approvals)
24 June 2024 Leadership update
30 May 2024 Appointment of Group Chief Operations Officer (subject to regulatory approvals)
22 March 2024 Appointment of Interim Group Chief Financial Officer
22 March 2024 Departure of Group Chief Executive Officer and Managing Director
25 January 2024 The Star appoints Sydney CEO
23 January 2024 The Star appoints Brisbane CEO
More Information
Not good, my partner is a dealer in the Sydney casino and bet limits and the number of players-by table limits are still coming on. ie effectively reducing profit per table. the punters still seem keen, God bless em.
My conclusion to this disaster is the casino needed to have the politicians' onside, i can't imagine big Kez allowing this to happen if he owned it. no politician would be game.
the management here has lost control.
at the moment it is having the crap beat out of it. some may say deservedly so.