Today
Crown’s multibillion-dollar expense bill wipes casino profits
The Blackstone-owned company improved revenue by 44 per cent, but it was not enough to offset the toll of penalties and sharpening compliance.
- Zoe Samios
This Month
SkyCity chief executive Michael Ahearne resigns
Julian Cook, chairman of SkyCity, said Mr Ahearne had led the business through a “complex and demanding period”.
- Zoe Samios
Bruce Mathieson back shopping for Star Entertainment shares
The billionaire was spotted buying a small parcel of shares on Friday, just over two weeks after refusing to tip into Star’s $750 million equity raising.
- Sarah Thompson, Kanika Sood and Emma Rapaport
- Exclusive
- Activist shareholders
Pubs billionaire Mathieson says margin loan is no handbrake
Bruce Mathieson snr says opting out of the last Star capital raising was not influenced by a margin loan against his Endeavour stake, which has fallen in value.
- Zoe Samios, Carrie LaFrenz and Simon Evans
Star hopes to fetch $200m for Brisbane casino and hotel
Star Entertainment has put the Treasury Casino and Hotel on the market as it prepares to vacate these properties for Queen’s Wharf.
- Larry Schlesinger
September
Blackstone underestimated size of Crown Resorts challenge: chairman
Bill McBeath says Blackstone miscalculated the amount of work required to transform the casino giant’s culture and systems following years of scandal.
- James Thomson
Star receives lukewarm reception from insto investors in $565m raise
The raise – and a retail component worth $185 million – is part of a broader package of measures designed to shore up the embattled casino group.
- Updated
- Kylar Loussikian
- Opinion
- Chanticleer
Desperate Star’s kitchen sink equity raising is deja vu all over again
Robbie Cooke insists his fresh $750 million raising sets Star up for the future. But investors have heard it all before.
- James Thomson
Star Entertainment restructures debt, raises $750m at large discount
The casino operator’s chief executive, Robbie Cooke, says the new financing and a $450 million debt facility is a “key milestone” in the company’s renewal.
- Kylar Loussikian
SkyCity shares dive on New Zealand casino licence suspension threat
The temporary loss of its gaming licence at Auckland, Hamilton and Queenstown could deliver a major earnings hit to the ASX-listed wagering group.
- Zoe Samios
August
The $1.1b reason Star’s problems aren’t over
Star Entertainment has been pulled apart and CEO Robbie Cooke is trying to put it back together. It will only be possible if it can get a debt deal done quickly.
- Updated
- Anthony Macdonald
Sydney casino sale off the cards as Star reports $2.4b loss
Revoked casino licences, AUSTRAC proceedings and four class actions have led to a $2.2 billion non-cash impairment to Star’s NSW and Queensland casinos.
- Updated
- Zoe Samios
Crown axes 5pc of Sydney workforce as it shuts one gaming floor
The Blackstone-owned casino giant will axe almost 100 jobs in its Sydney casino after weak economic conditions made one of the two VIP gaming floors unviable.
- Zoe Samios
Queens Wharf consortium stops paying Multiplex bills
The Destination Brisbane Consortium claims delay payments of $123 million against the builder and is offsetting those against progress claim payments.
- Michael Bleby
Multiplex sues Star for $420 million over Queen’s Wharf delays
The builder’s statement of claim also details a dispute over the day of mourning for Queen Elizabeth’s death, saying the client was “not reasonable”.
- Michael Bleby
SkyCity puts aside $45m for potential AUSTRAC penalty
SkyCity told investors estimating potential exposure to penalties was “challenging”.
- Zoe Samios
Star shares surge after casino lands favourable NSW pokies tax deal
The company’s shares had been falling amid investor concerns about a tax increase and broader worries about penalties to be levied for breaches of money-laundering laws.
- Updated
- Samantha Hutchinson
July
What’s a burnt carpark worth? Depends if you ask KPMG or Deloitte
The price of SkyCity’s New Zealand carpark, which was damaged in a 2019 fire, is disputed to the tune of $NZ50 million.
- Zoe Samios
Star refi off to the races; credit funds return term sheets
Advisers are expected to furnish the data room with more intelligence than that later this week, sources said.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Crown set to be a winner from Victorian pokies clampdown
The Southbank casino will be exempt from new rules forcing the closure of gaming machines between 4am and 10am, announced by the government on Sunday.
- Gus McCubbing
