Crown Resorts may have given him plenty of heartburn, but the latest ugly numbers from Star Entertainment show how well-timed the sale really was.
James Packer has had his share of misfortune during his life, including some huge mental health challenges. But the delayed December half results from Star Entertainment also make it clear that Packer enjoyed an incredible stroke of luck when US private equity giant
Third, Star has been required to spend a lot of money to remediate and improve its risk and compliance, with operating expenditure rising from $534.7 million in 2019 to $541.6 million in 2023 – and that’s after a few recent rounds of savage cost cuts. Cooke is also dealing with a more difficult macroeconomic environment than existed back in 2019, when interest rates were sitting at 0.75 per cent. But Thursday’s numbers are evidence that Star and Crown were very clearly over-earning in 2019 by running businesses that simply weren’t being to the standards that regulators and the broader community would have expected.
Cooke raised another challenge on Thursday, arguing that regulators need to be careful that the problems that existed in casinos are not simply transferred to the pubs and clubs sector; he wants the regulatory playing field to be levelled, and noted pubs and clubs in Brisbane, where Star is set to open its new Queens Wharf property, have invested in venue upgrades and loyalty programs ahead of that launch.
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