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Casino
September 27, 2024
Star Entertainment Navigates Choppy Financial Seas with Creditors
As losses loom and the company steps into the new financial year on shaky ground, Star Entertainment has been able to negotiate an AU$200 million (138.9 million) credit that will be drawn in October and December, in separate tranches. Star Is Walking a Thin Financial Rope and Aid Is Direly Needed Creditors have shown a […]
Industry
September 26, 2024
NSW: Most Operators Are Compliant with the New RG Rules
Liquor & Gaming NSW has continued its regulatory efforts to ensure that local gambling properties are complying with the new harm minimization measures. Recent findings have demonstrated venues’ readiness to adopt the new requirements. NSW Inspectors Continue to Ensure the Rules Are Followed According to the NSW regulator, its inspectors have visited a total of […]
Business
September 26, 2024
Star Entertainment’s Financial Struggles Continued in FY 2024
The Star Entertainment Group published its financials for the fiscal year, reporting a continued decline amid business and regulatory headwinds. However, the company management remains focused on demonstrating its compliance and generating shareholder value. The Star’s Financials Were Suboptimal Star Entertainment reported FY 2024 revenue of almost AUD 1.7 billion ($1.17 billion). This figure represented […]
Industry
September 23, 2024
Tasmanians’ Pokie Machine Losses Surpass $1bn Since 2018
The losses to gambling activities amount to hundreds of millions of dollars across Australia monthly. Piling up, the losses are in the billions on an annual basis with Australians recognized as the world’s biggest losers. Gambling Losses in Tasmania Pile Up But it is not only the popularity of gambling that results in high losses. […]
Sports
September 20, 2024
Tabcorp Announces Chairman Akhurst’s Departure Amid Financial Struggles
Tabcorp Holdings has made it known that Bruce Akhurst, its chairman, will leave his position after the company’s Annual General Meeting in October 2024. Akhurst has been the chairman since Tabcorp split from The Lottery Corporation in 2021. Tabcorp Reports Huge Net Loss and 57% Drop in Stock Price Akhurst’s exit comes after a tough […]
Industry
September 18, 2024
Australia to Introduce New Guidelines for Games with Loot Boxes and Gambling
Australia has created new classification guidelines for video games that contain gambling-like content. This addition comes amid growing concerns about Australia’s gambling harm rates and worries about potential links between video games containing gambling-like mechanics and gambling addiction. The New Measure Aligns with Australia’s Efforts to Protect Younger Citizens from Harm The new measure would […]
Business
September 18, 2024
VGW Reports Stellar Profits Despite Market Setbacks
Laurence Escalante’s gaming powerhouse, Virtual Gaming Worlds (VGW), has maintained its upward trajectory, booking a net profit of $492 million for the year up to 30 June. This figure represents a 30% climb from last year as the operator realized a record revenue of $6.1 billion. Despite regulatory challenges in its US market, the business […]
Industry
September 16, 2024
Australia’s Annual Losses to Gambling Grow, Hit AU$32bn
Despite concerns about the detrimental impact of gambling activities on people across Australia, significant changes to the sector are still being discussed. Last year, a report into the country’s gambling sector made nearly three dozen recommendations that can help reduce problem gambling and harm, while decreasing the billions of Australian dollars lost to gambling every […]
Casino
September 13, 2024
Star Entertainment Faces Pressure to Address Major Compliance Failures
Star Entertainment Group is under heavy pressure from regulators about its main Sydney casino. The New South Wales Independent Casino Commission (NICC) has given the company 14 days to come up with a plan, reported Bloomberg. This plan needs to show how Star will fix its money and operational problems. This comes after a harsh […]
Industry
September 12, 2024
Australian PM Defends Partial Gambling Ad Ban despite Rising Controversy
Australian Prime Minister Anthony Albanese has defended his government’s partial ban on gambling advertisements, pushing back against calls for a complete ban during question time in Parliament. He responded after the opposition highlighted recent polls indicating most Australians supported a full ban to come into effect as soon as possible. The Government Is Hesitant to […]
