Australia’s Star Entertainment predicts massive financial losses, but not just because it has to pay over AUD200 million (US$138.3 million) in fines. Part of the losses are because New South Wales (NSW) wants casinos to pay more taxes, which Star says will contribute to an impairment of as much as AUD1.6 billion (US$1.1 billion).
A major challenge facing Star’s operations in Sydney is the tax reform announced by NSW last December, which will take effect in July. The reform is expected to adversely affect Star’s profitability, according to the group, as half of its fiscal 2022 revenue came from the Star Sydney.
As soon as the state government’s plans are implemented, Star said it will conduct an “urgent review” of its Sydney operations, including its assets. That’s to prepare for any changes and to maximize value for Star’s shareholders.
A major challenge facing Star’s operations in Sydney is the tax reform announced by NSW last December, which will take effect in July. The reform is expected to adversely affect Star’s profitability, according to the group, as half of its fiscal 2022 revenue came from the Star Sydney.
As soon as the state government’s plans are implemented, Star said it will conduct an “urgent review” of its Sydney operations, including its assets. That’s to prepare for any changes and to maximize value for Star’s shareholders.
