Star Casinos deliberate breaches spark massive legal showdown

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).
Star first entered the deal with its the Hong Kong investors in early March, after months of warnings about its financial future — and prior to the bigger deal struck with Bally’s and the Mathiesons. Chow Tai Fook Enterprises and Far East Consortium co-own the Queen’s Wharf casino development with Star Entertainment. In a statement to the Hong Kong stock exchange, Far East Consortium said Star must repay $10 million to the parties within 30 days of the termination, and failing that, it must transfer its third stake in the Gold Coast hotel project. “Since the recent general meeting, the parties continued to negotiate with a view to finalising the long form documents but, as of this morning, have not reached an agreement on the outstanding commercial issues,” the company said in a statement to the ASX. Embattled casino operator Star Entertainment is facing a fresh blow, with a deal to exit a major Brisbane development on the brink of collapse. Shareholders last week voted to approve a $300 million rescue package, which gives US casino firm Bally’s a major stake in Star.
Mr Hughes said Star would have to address the “cash burn” of future investments in Queen’s Wharf, particularly with a possible AUSTRAC penalty hanging above them. Star is also facing potential penalties after a 2021 investigation by Australia’s financial intelligence agency (AUSTRAC) and the New South Wales Independent Casino Commission, found it breached anti-money laundering regulations. He said the company’s options are “limited” and a “Hail Mary” to get the joint venture partners back at the table would be front of mind for its executives. In its quarterly update posted to the ASX on Wednesday, the company flagged a deal was “unlikely” to go through before the July 31 deadline. The heads of agreement was terminated as a result, and Star will retain its 50 per cent equity in Destination Brisbane Consortium (DBC) and Destination Gold Coast Consortium, as well as the Treasury hotel in Brisbane. Embattled casino operator Star Entertainment will be forced to pay about $41 million to overseas investors after failing to meet a deadline to offload its stake in Brisbane’s Queen’s Wharf development.
On 5 April 2016, eligible shareholders were sent a letter together with a Share Retention Form (for the Small Holding Sale Facility) or a Sale Instruction Form (for the Voluntary Share Sale Facility), and Terms and Conditions for the relevant share sale facility. The Star Entertainment Group announced on 5 April 2016 share sale facilities that provided eligible small shareholders the opportunity to sell their shares without incurring any brokerage or handling costs. Star, which runs three casinos across the two states, has been embroiled in a worsening financial crisis for months, amid poor gaming turnover at its casinos, higher regulatory costs following a run of scandals, and the move to cashless gaming in NSW, with Queensland to follow. More than 8000 jobs hang in the balance as teetering casino operator Star Entertainment is on the brink of financial collapse, with its board in last-ditch talks late on Friday to find the cash needed to keep the company afloat.
By the time its new Brisbane casino opened on August 29, 2024, that had plummeted to 57 cents a share, making it difficult for the company to raise funds and keep its new business operating. The casino operator also remains embroiled in legal challenges, with the financial crimes regulator AUSTRAC seeking a $400 million penalty against the company for alleged money laundering, in a court case that kicked off earlier this month. Last week, Star shareholders separately approved a $300 million rescue deal backed by US casino giant Bally’s and existing investor Bruce Mathieson.
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