The Star Gold Coast

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The Star Gold Coast

The Star has pulled out of its $3.6 billion Queen’s Wharf stake sale just days after shareholders approved a $300 million rescue by US casino giant Bally’s. Casino operator Star is staring down another major financial threat, despite shareholders approving a $300 million rescue deal last week. When Star shares went into a trading halt this year, plenty of pundits envisaged a scenario where Crown bought the jewel in Star’s portfolio – the Sydney casino – and with it the poker machine licences that would reverse its own fortunes. At its annual investor meeting in November, McCann and Star’s chair, Anne Ward, warned of the challenges ahead as its casinos struggled with the implementation of a ban on cash-based gambling – a measure to avert money laundering – which saw gambling on its poker machines dive. After a brief trading halt on Friday morning, Star shares plunged 15.4 per cent to 11¢, valuing the company once worth $5 billion at about $315 million.
And while licensed casinos languish, there is evidence of the rise of small, illegal gaming houses in our major cities, away from prying eyes. But its near-demise is a graphic illustration of the shifts taking place in the once-glittering world of casinos and the seedy underbelly that is the reality of global gaming operations. On Monday, US casino group Bally, which has been sniffing around Star for several months, launched a last-minute bid to the beleaguered Star directors, offering $250 million for a controlling stake in the company. Last Friday, Star Entertainment chief executive Steve McCann, a former professional poker player, somehow narrowly avoided tipping the company into administration.
« We need to implement those, and we need to make sure that we understand what the revised revenue model is for our business across gaming and non-gaming over time, » McCann said at the meeting. In September last year, Star’s directors started getting advice on « safe harbour » provisions provided by the Corporations Act that would protect them from being personally liable for debts in the event that it cannot stay solvent. Before signing the accounts, a board of directors must be satisfied that the company is a « going concern » – that it can pay its debts when they fall due.
The Star is home to Sydney’s widest variety of electronic gaming machines, offering everything from classic fruit machines to modern themed slots and progressives. The Star’s casino floor is one of the largest in the Southern Hemisphere. Trust in our curated selections to elevate your gamingadventure.
The casino features two gaming floors — the main gaming floor on level one for general entry and the Sovereign Room on level three. On 29 January 2025, as part of possible sales of non-core assets of the cash-strapped owner The Star, The Star announced it would sell the Event Centre Complex and unspecified spaces within the Complex to Foundation Theatres in order to raise $60 million. Its gaming operations are overseen and controlled by the New South Wales Casino Control Authority and is licensed to be the only legal casino in New South Wales. Overlooking Darling Harbour, The Star, owned by Star Entertainment Group features two gaming floors, candy96.fun one bar, 3 restaurants, 351 hotel rooms and 130 serviced and privately owned apartments.
Now one of Australia’s biggest casino operators is facing the prospect of losing it all, with a top analyst predicting Star Entertainment Group has a 50 per cent chance of going into administration. At casinos, the odds are never in a punter’s favour. Star is one of Australia’s biggest casino operators. Payment must be made either by cash, by debit or credit card. It’s got 11 treatment rooms, two exclusive couples suites, a Moroccan Hammam chamber, steam room and jacuzzi – sure to leave you feeling like a star. A 2022 NSW inquiry found damning evidence of money laundering and counter-terrorism failings at the groups’ Sydney casino while a 2024 probe found more breaches.
Whether you’re drawn to the strategy of poker, the luck-based thrill of slot machines, or the social aspect of bingo, The Star Casino has something to offer. Each gaming option at Star Casino Sydney is designed to cater to various interests and skill levels, ensuring that all visitors have a memorable and enjoyable experience. These rooms provide a secluded environment for high-stakes gaming with personalized service. The casino offers traditional baccarat along with popular variations that can include side bets or slightly altered rules to add an extra layer of excitement to the game.