Star, which has been embroiled in a slew of government probes, said it expects to incur a charge if a proposed hike in the casino duty rate in New South Wales is implemented in its current form.
Sydney's Star Casino complex is seen illuminated at night, February 15, 2016. REUTERS/Jason Reed/File Photoon Monday said it expects to incur a non-cash impairment charge of up to A$1.6 billion in the first half of its fiscal year if a proposed hike in the casino duty rate in New South Wales is implemented in its current form.
Star Entertainment said it would incur remediation costs of about A$20 million during the six months ended Dec. 31, 2022, as it attempts to "improve compliance processes as the group seeks to return to licence suitability". The company has been embroiled in a slew of government probes over possible breaches of anti-money laundering and counter-terrorism laws at its casinos in the past two years, swinging to an annualStar Entertainment shares slumped almost 11% to A$1.67 in early trading.
The casino operator on Monday also announced a number of initiatives, including loyalty benefits and pricing actions, to respond to competition in Sydney, where its bigger rival Crown Resorts operates. The initiatives would likely contribute about A$40 million on an annualised basis to the operating performance, Star Entertainment said.
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