Ethan Quintanilla @ ethanquintanil Member Since: 11 Jan 2026

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Casino operator Star 'on its knees' as analyst predicts looming financial collapse

Morningstar analyst Angus Hewitt said that even with the Bally’s lifeline, Star needed an improvement in operating conditions to return to profitability. Star offloaded its stake in the Queens Wharf project to Chow Tai Fook and its Hong Kong partner Far East Consortium in March and took full ownership of its Gold Coast properties in return for $50 million in cash. By the end of last year, the company had just $79 million in the bank, having burned through $100 million in the previous three months. Star successfully argued for the cash limit to stay at $5000 for 12 more months and for cardless play to be delayed from August until October 2024.
The Trans and gender-diverse communities are starting to feel vulnerable, so let’s continue to work on making The Star a safe and inclusive place for everyone, esp., for trans and gender-diverse team members. I have been part of the company for over 21 years, serving in various capacities. For three decades, our Pyrmont foreshore precinct, now known as The Star Sydney, has been a pillar of hospitality and entertainment in Sydney’s CBD.
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.
As financial watchdog AUSTRAC seeks $400 million in penalties against The Star in the Federal Court, the company has cried poor, saying that an amount this large would push it into administration. "It's time all three governments sat down with the company and its Queen's Wharf joint venture partners and thrashed out one over-arching deal that sorts out the mess and resolves who will own and run the Sydney, Brisbane and Gold Coast casinos over the longer term," he said. Experts say the distressed company is likely to enter voluntary administration as its attempts to secure a financial lifeline go down to the wire. The group's joint venture partners have threatened to walk away from the agreement struck to sell its stake in the Queen's Wharf casino and hotel complex. In March, Star, which operates casinos in Brisbane, the Gold Coast and Sydney, had reached an agreement with the owners of the other half of Brisbane's Queen's Wharf casino and hotel development to take over its 50 per cent stake.
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.
Beyond gaming, there are Star Casino restaurants, shopping, spa, and entertainment options, such as live shows and cinemas. It's important to note that the availability of online gaming options may vary depending on the local regulations and the specific services offered by each casino location. The Star Casino, part of The Star Entertainment Group, is a prime destination for those seeking entertainment and gaming in Australia. Beyond its gaming facilities, The Star Sydney is celebrated for its luxury accommodations, comprising several hotels and candy96.fun serviced apartments that cater to diverse guest preferences. This world-class casino is in a massive complex that features some of Sydney’s best shopping, award-winning restaurants, bars, a luxury hotel and spa and even an event centre. Despite telling the casino staff that he had come straight from a nearby hospital, he was allowed to enter the casino where he spent his time using the gaming machines while wearing a white shirt saying "I have covid" in bold black letters.
In one attempt, Aleksa tried entering the casino while dressed in hospital surgical garbs, dragging an IV drip stand on wheels, with a high forehead temperature. The now defunct Ralph magazine shot its swimsuit model of the year competition at Turbines Health Club (pool and gym for the hotel and apartments). In 2009, Tabcorp, the then-owners of Star City, announced an A$475 million refurbishment and expansion program called Project Star which involved the re-orientation of the casino towards Sydney Harbour, including a new "iconic" entrance as well as a drop-off zone on the harbour side of the casino site. Bars within the gaming area are not accessible to minors (persons under 18).