The casino operator’s new boss needs to manage all players – lenders, investors, regulators and government – to convince them that if he throws in his cards, they all lose.
Steve McCann, a one-time world-ranked poker maestro and chief executive-elect of the financially flailing Star Entertainment, is engaged in a do-or-die-stakes corporate poker tournament. Around the table, he sits with the company’s lenders, investors, regulators and two state governments.. In what could only be described as a confounding move, he laid his cards on the table.Credit:This pitch will certainly put paid to the adage that casinos are a licence to make money.
To add to all this complexity, the current malaise in Star’s earnings – which really started to hit hard in the current financial year – since the start of July has other ramifications.around cashless gaming and carded play is a revenue retarder for the casino. It is disproportionately detrimental for Star over Crown as the former has poker machines.
Traditional bank lenders will be equally underwhelmed at stepping up to the plate. This explains why the bets are on McCann to drum up interest for raising $300 million via convertible notes, which are quasi-debt/equity.
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