Casino operator Star Entertainment has been under financial pressure for some time. The company’s share price has tanked, and the business, with its three casino properties, has been bleeding money.
Last year’s opening of a new riverside casino in Queen’s Wharf, Brisbane, was seen as a way to revitalise the business. But Star has swung from one lifeline to another.
Just as it was set to run out of cash on Friday March 7, Star announced a last-minute rescue package. This centred on selling its 50% stake in the Queens Wharf casino to Hong-Kong-based joint venture partners for $53 million.
