The latest trading update outlines what a dire situation Star is in, having burned through $107 million of its available cash in the December quarter alone.
There remains just $79 million of cash in the bank which shows that this particular roulette game will be over at some time in the next three months.
Star Entertainment’s shares closed at 12c today, up 1.5 cents from last Friday.
UPDATE
An alarming new study has revealed young people, not pensioners, now make up the biggest proportion of pokies players in Victoria.
It has triggered calls for major change from gambling reform campaigners, including lifting the legal age to play.
Who would have thought???
The Australian Football League would significantly increase the amount of money it takes from wagering on the sport under a proposal that its administrators have put to the country’s big bookmakers.
The AFL is negotiating with major gambling companies including ASX-listed Tabcorp, Sportsbet and Entain, which owns the Ladbrokes and Neds brands, on a deal that would allow them to keep offering sports betting products in exchange for giving the sport a cut of the proceeds.
The AFL makes up to $40 million in product fees from bookmakers every year, a figure that is eclipsed by other sports such as NRL, which receives more than $50 million from wagering agreements annually. The NRL locked in a three-year deal with bookmakers over the summer.
Mark Six is the HK equivalent of Tattslotto.
HK$194 million equals to A$40 million at today’s exchange rate.
The Star Entertainment Group has rejected the initial offers from its Hong Kong-listed partners, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited, to acquire its 50 percent stake in The Star Brisbane integrated resort.
The company stated that the proposals, which were confidential, indicative, and non-binding, ‘have not provided sufficient value for The Star.’
In an ASX filing on Monday, The Star Entertainment explained that its board had thoroughly assessed the offers, including external advice, before making the decision. ‘After careful consideration (which has included external advice),’ the company said, ‘none of the proposals have provided sufficient value for The Star.’
Despite rejecting these bids, The Star confirmed that discussions with CTFE and FEC are ongoing. The company continues to explore the possibility of selling its stake in the Destination Brisbane Joint Venture (DBJV), which owns The Star Brisbane.