Any hopes that Labor will dramatically reverse course on its Coalition predecessors’ plan to increase casino taxes are misplaced.
that found it had misled regulators on money laundering risks, engaged in “inherently deceptive and unethical” conduct, and knowingly allowed alleged criminals to do business at its sites still ongoing, the tax change was the last thing it needed. Star warned the toll could mean a $1.6 billion downgrade to the value of its Sydney casino.
The briefings will get to the bottom of how the tax changes were formulated and what considerations were made. Key to Mookhey’s interest will be how the policy was organised with zero consultation with either Star or Crown. There is a further $150 million provisioned away to combat civil proceedings from anti-money laundering watchdog AUSTRAC, which has accused the company of allowing high-risk VIP patrons to churn billions of dollars of dirty cash through its casinos and breaking the law “The fact that Star had just $109 million of cash on hand at the half-year put it at considerable risk should it lose these court cases or face new fines from...
“The vehicle is good, it just needs the right person driving it,” he says. “The facilities haven’t changed ... I’m not one to panic. I can’t solve what happened in the past, but I can help with what’s ahead.”Adding that he hopes the family holds the near 10 per cent stake in Star for the “next 30 years”, Mathieson reasons it is highly unlikely a third casino will be built in Sydney and that the current bout of pressure is the hardest the company will have to endure.
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