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“The situation for Star workers in terms of this current financial crisis dates back to September of last year, but for many Star workers, they’ve been dealing with Star’s uncertainty for two to three years.” The potential collapse of the company puts the jobs of about 9,000 workers across its three casinos on the line. The casino group could be broken up in the process, as administrators would search for buyers for individual assets, if the company can’t be rescued as a whole. The company, which operates casinos in Brisbane, the Gold Coast and Sydney, confirmed on Monday morning that it would not be able to lodge its accounts until it secured a funding package. The future of Star Entertainment and its thousands of workers remains uncertain as the company’s efforts to secure a financial lifeline go down to the wire. Star Entertainment failed to deliver its financial results to the market on Friday.
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On Tuesday, a fresh notice showed his shareholding had increased from 5.5 per cent to 6.52 per cent. Macau and Melbourne-based gaming industry consultant Ben Lee said the collapse of Star could force the Queensland government to rely on the Chinese investors to prop up the casino venture. Mr Costello said governments in Australia had made the mistake of backing in “massive downtown casinos” like Queen’s Wharf, which relied on high rollers that are no longer coming.
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