Star Entertainment Group finances plummet $1.26b after money laundering probe

 The Star Entertainment Group has posted a $1.26 billion loss for the first half of the 2023 financial year, driven by fines and major losses at its Sydney casino.

That's compared to a $74 million loss during the same period a year earlier.

Half-yearly financial results, released to the ASX on Thursday, included $1.3 billion in what the company describes as one-off costs, like the expected changes to taxes, $350 million in fines and the expense of ongoing reviews and new systems to fix problems. 

That "one-off" figure could have been much bigger, because the sale of two properties counted against it.

Read More: https://www.abc.net.au/news/2023-02-23/star-casino-finances-plummet-after-money-laundering-probe/102013402



Comments

Post a Comment

Popular posts from this blog

Three teenagers and boy, 11, charged after Sydney's south-west police chase ends in crash

Image
Three teenagers and an 11-year-old have been charged following a police chase in Sydney's south-west. Police allege the four were travelling in grey Toyota Kluger on Woodpark Road in Smithfield yesterday when the driver failed to stop for highway patrol. A police chase ensued and ended when the car collided with a white Kluger at the intersection of Merrylands Road and Cumberland Road in Greystanes. To know more:  https://www.9news.com.au/national/teenagers-charged-after-police-chase-in-smithfield-sydney-ends-in-crash/f27a6290-4afe-4b29-bd1e-ede56b637bf6
Read more

Sydney trains in chaos after tragic incident at busy station

Image
A person has died in an apparent act of self-harm at a Sydney train station, causing major disruptions as passengers were evacuated. “An incident requiring emergency services” had occurred on Sydney’s T1 train line at Lindfield in Sydney’s northwest, Sydney Trains posted on X at 12.48pm on Friday. A video from the scene shows passengers exiting the train and walking along the tracks after services were stopped. To read more:  https://7news.com.au/news/one-dead-in-apparent-self-harm-at-sydneys-lindfield-station-causing-major-disruptions-c-17643517
Read more

The Impact of Rising Interest Rates on Commercial Property

Image
The impact of rising interest rates on commercial property is profound, influencing both investors and businesses. As borrowing costs increase, financing commercial property deals becomes more expensive, potentially reducing the demand for new investments and developments. Higher rates may lead to decreased property values, particularly for those with high levels of debt. For tenants, increased interest rates can result in higher rents as property owners pass on their rising mortgage costs. Additionally, businesses may face challenges in securing loans for expansion or operations, impacting their ability to lease or purchase commercial properties. However, in some cases, rising rates may lead to more cautious investor behavior, creating opportunities for those with strong capital reserves to acquire properties at more favorable prices. The overall market response will depend on the rate of increase and the broader economic climate. Know More:  https://www.commercialproperty2sell.co...
Read more