It represents almost 11 per cent of Star’s revenue in the 2021 financial year, and the at-risk revenue could be even higher in a “scorched earth” scenario
’s revenue at its flagship Sydney casino is “at risk”, JP Morgan analyst Don Carducci says, after the company’s cross-town rival Crown Resorts last week opened its new high-roller casino floors.
“A likely strategy would be early promotion to a higher tier – and hence lost revenue for SGR given the implied loss to reach the higher tier will be forgone,” the analyst said.Still, he urged against a panic, and said Star’s current share price “more than factors in the worst-case hit to FY23 earnings”. Star shares last closed 0.7 per cent up to $2.91 on Friday.
The new Sydney casino rivalry comes towards the end of a two-year storm of regulatory scrutiny and evidence of improper conduct at the two companies.US private equity giant Blackstone The findings from a NSW probe saw it banned from opening its Barangaroo casino for close to 18 months, but regulators granted it a provisional licence that allowed it open its gaming facilities last week.It will find out the fate of its NSW casino licence by the end of the month, as the NSWmulls evidence that it hid a junket’s illegal cash cage from regulators and facilitated $900 million of banned gambling transactions via its China UnionPay scheme.
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