The Sydney casino is worth less than its chief executive Steve McCann’s first-year pay cheque of $10 million, based on the report authored by Barrenjoey’s Matt Ryan.
The value of Star Entertainment’s flagship harbourside Sydney casino has a certain supermarket down-down pricing feel about it. The “before” price was hundreds of millions and now one leading analyst from Barrenjoey Capital says it’s worth as little as $8 million.
The Star property, with acres of betting tables, theatres, restaurants and facilities, has the same value as a decent-sized renovated Paddington terrace. The good news is that Star Entertainment’s various hotels could have a combined value of $1 billion, and its Gold Coast and Brisbane properties are worth much more than its Sydney casino.But placing any kind of valuation on Star Entertainment or its Sydney property is a hazardous affair.When Macquarie penned that valuation 18 months ago, Star’s share price was sitting at around $1.20. Today its shares closed at 26¢.
The costs of rehabilitation run into the hundreds of millions, as do the fines and potential legal settlement of the current class action.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NRL 2024 LIVE updates: South Sydney Rabbitohs v Sydney RoostersThe injury-depleted Roosters will be hoping to get some cohesion ahead of the finals when they play their fiercest rivals.
Read more »
Will the Sydney Metro lure more businesses to set up in North Sydney?Corporate tenants are shifting into the CBD, thanks to the new metro stations. But experts are divided on whether North Sydney will be a winner or a loser.
Read more »
Braeden Campbell stars for Sydney Swans after death of grandfatherBraeden Campbell's super-sub effort at the SCG came after the death of his grandfather, while Joel Amartey and a 'crook as a dog' Callum Mills were also on the cusp of missing the dramatic AFL final against GWS.
Read more »
From the Pocket: Sydney stars ready to take centre stage on AFL grand final returnSwans and Lions both need to bury the demons of recent defeats in deciders in one of the most eagerly anticipated clashes in years
Read more »
Billionaires are endorsing Trump – but is that a bad bargain for them?Experts are issuing stern warnings about business support for Trump – it could backfire badly and endanger democracy
Read more »
Is Luxury Fashion Retailer Cettire a Bargain Bin Find or a Serious Gamble?Cettire, an Australian online retailer specializing in luxury fashion, has seen its stock price plummet amid concerns about its business model and potential tax evasion. The company's success during the pandemic hinged on offering discounts by connecting buyers with distributors selling excess inventory from major brands. However, increasing competition and allegations of exploiting duty loopholes have cast doubt on its future.
Read more »