One casino has been approved to operate, but is laying off staff. The other has just emerged red-faced from an inquiry that may result in losing its licence. Is it possible for casinos to turn a profit in the brave new regulatory world?
Crown Resorts and The Star glare across at each other from either side of Darling Harbour, with all the swagger and scandal and shame of the last decade passing as water under Pyrmont Bridge.
reporting that Crown had formed relationships with junket operators who were backed by organised crime syndicates. Crown, now owned by US private equity giant Blackstone, was recently given a clear bill of health by the regulator to operate its operations in NSW. But it has struggled to find a market. Last year it shut one floor and made about 300 people redundant. The parent company
The only Crown casino that has returned to pre-COVID levels of profitability is Perth, which also happens to be the only city where it has poker machine exclusivity. “The VIP market is pretty much dead and that’s almost a global phenomenon now because the traditional Chinese junkets have really lost favour with regulators and jurisdictions around the world,” Green says. “The only place you will see them operating are less regulated places like the Philippines.”
He then cut to the chase. “Do you envisage the transformed business as being as profitable at levels that The Star has historically been able to achieve?”
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