• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 24 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Sydney casino reopening not enough to stop Star share price falling 23%

Ben Blaschke by Ben Blaschke
Tue 12 Oct 2021 at 04:34
The Star Sydney reopens for high-end gaming, 1,000 staff back to work

The Star Sydney

29
SHARES
731
VIEWS
Print Friendly, PDF & Email

The Star Sydney reopened for the first time in four months on Monday but it wasn’t enough to stop Star Entertainment Group’s share price tumbling by almost 23% amid media allegations the company had enabled suspected money laundering, organized crime, fraud and foreign interference.

Star shares plummeted from AU$4.27 at market close on Friday to AU$3.30 within minutes of open Monday morning, wiping more than AU$1 billion off the company’s market capitalization.

Australian media outlets The Age, The Sydney Morning Herald and 60 Minutes had published a three-way report late Sunday claiming Star, operator of The Star Sydney, The Star Gold Coast and Treasury Brisbane, has long cultivated high-roller gamblers with links to organized crime while ignoring red flags over the source of client funds.

The reports were strikingly similar to those published by the same media outlets about Crown Resorts two years ago, which ultimately sparked an inquiry in New South Wales and Royal Commissions in Victoria and Western Australia into Crown’s suitability to retain its casino licenses. The company was subsequently found unsuitable to retain its license for Crown Sydney in February this year, while the recommendations of Victoria’s Royal Commission into Crown Melbourne are due to be handed down this week.

The Star Sydney is also due to undergo a regular review with the findings to be handed down in January 2022.

The company said Monday it was constrained from publicly discussing specific individuals named in the reports but that it would “address all allegations with relevant state and federal regulators and authorities, including Mr Adam Bell SC who is undertaking a regular review of The Star Sydney in accordance with the Casino Control Act 1992 (NSW).”

Ironically, Star’s share price crashed just hours before The Star Sydney reopened for the first time in 108 days as Sydney saw COVID-19 lockdown restrictions eased.

Patrons are currently subject to mandatory mask wearing and a capacity limit of one person per four square meters in indoor areas, although those measures are expected to be dropped by 1 December.

Star also said that operating restrictions had been eased at its Queensland properties from 8 October with capacity increased to one person per two square meters.

RelatedPosts

Victoria to launch trial of mandatory carded play across 43 gaming venues in September

Victoria to launch trial of mandatory carded play across 43 gaming venues in September

Mon 21 Jul 2025 at 13:05
Ainsworth shareholder Kjerulf Ainsworth questions valuation of company property under Novomatic takeover deal

Ainsworth shareholder Kjerulf Ainsworth questions valuation of company property under Novomatic takeover deal

Mon 21 Jul 2025 at 05:41
Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners said to be eying Crown Resorts to run casino at Queen’s Wharf Brisbane if takeover talks succeed

Fri 18 Jul 2025 at 11:11
Ciarán Carruthers: Crowning glory

Aussie Millions poker series to return to Crown Melbourne in 2026 for first time in six years

Thu 17 Jul 2025 at 07:52
Load More
Tags: Australiacovid-19Crown Resortsmoney launderingStar Entertainment GroupThe Star (Sydney)
Share12Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Macau International Airport saw passenger numbers fall in five of six months during 1H25

Macau International Airport saw passenger numbers fall in five of six months during 1H25

by Pierce Chan
Wed 23 Jul 2025 at 14:47

Macau International Airport recorded approximately 3,612,212 passengers during the first half of the year, representing a year-on-year decrease of approximately 3.2%. According to data released by the Macau International Airport Co Ltd (CAM), the highest passenger throughput at the airport...

Studies show dramatic rise in online gambling during COVID-19 lockdowns

Survey finds most Filipinos who gamble online prefer regulated sites due to concerns over safety, legitimacy

by Newsdesk
Wed 23 Jul 2025 at 13:45

A survey of over 1,000 Filipinos who currently use online gambling platforms has found that safety and legitimacy is their number one concern, with most preferring to play on regulated sites. Filipino-focused sociocultural research firm The Fourth Wall, which conducted...

GLI set to be acquired by private equity firm CVC Capital Partners

GLI set to be acquired by private equity firm CVC Capital Partners

by Ben Blaschke
Wed 23 Jul 2025 at 11:35

CVC Capital Partners, a Jersey-based private equity firm with significant interests in global sports and entertainment brands, looks set to acquire a 100% stake in leading industry test lab Gaming Laboratories International (GLI). Details of the acquisition appear in two...

SkyCity launches mandatory carded play across its three New Zealand casinos

SkyCity launches mandatory carded play across its three New Zealand casinos

by Newsdesk
Wed 23 Jul 2025 at 09:44

SkyCity Entertainment Group announced Wednesday that it has now launched mandatory carded play across all of its New Zealand casinos, with players now required to acquire a “SHOW by SkyCity” card that verifies their identity and provides new safeguards for...

Your browser does not support the video tag.


IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語