{"id":245,"date":"2024-06-25T19:22:08","date_gmt":"2024-06-25T16:22:08","guid":{"rendered":"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/"},"modified":"2024-06-25T19:22:08","modified_gmt":"2024-06-25T16:22:08","slug":"the-stars-difficult-days","status":"publish","type":"post","link":"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/","title":{"rendered":"The Star&#8217;s Difficult Days"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/NLypiQlLgyU\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Stars third-quarter financial performance, marked by losses, coincides with the continuation of the second Bell inquiry.  <\/p>\n<p>The Stars trading update for the third quarter ending March 31 revealed a net income of A$419.2 million (\u00a3218 million\/\u20ac255 million)\/$271.5 million. <\/p>\n<p>This represents a modest decline of 4.6% compared to the same period in 2023.<\/p>\n<p>While The Star has not yet unveiled its complete third-quarter financial results, it has shared insights into key operational aspects.<\/p>\n<p>The Stars third quarter was a period of significant upheaval. In February, the Independent Casino Commission of New South Wales announced a second investigation into The Star, a follow-up to the infamous Bell Report.  This investigation, known as &#8220;Bell Two,&#8221; commenced on February 19 and is scheduled to conclude on May 31.<\/p>\n<p>The Star requested a suspension of its ordinary shares from trading on the Australian Securities Exchange on the day it disclosed the second investigation.<\/p>\n<p>The initial Bell Report exposed substantial anti-money laundering and social responsibility shortcomings at The Star Sydney, prompting 30 recommendations for improved practices. A year after the release of the initial investigation report, an evaluation revealed that The Star had implemented 22 of the 30 recommendations.<\/p>\n<p>The second investigation will delve into The Stars organizational culture and assess the impact of the first Bell Report.<\/p>\n<p>The trading update provides a glimpse into the company&#8217;s financial performance. <\/p>\n<p>The Star Group announced that earnings from its exclusive gaming areas dipped in the third quarter compared to the same period last year. This pattern was observed across all its locations, with the Star Sydney exclusive gaming earnings falling by 19.3%. The Star Gold Coast experienced a 20.0% decrease, while Treasury Brisbane&#8217;s exclusive gaming earnings dropped by 28%.<\/p>\n<p>However, revenue from the main gaming areas saw an uptick. Star Sydney&#8217;s earnings grew by 5.4%, Star Gold Coast by 4.6%, and Treasury Brisbane by 6.4%. Despite this, the Star Group acknowledged that the decline in exclusive gaming earnings resulted in a 4.6% decrease in total earnings across all three locations.<\/p>\n<p>Total gaming tax revenue for the quarter reached A$105 million, a 2.9% decline compared to the third quarter of 2023. The first month of the year saw the highest tax revenue at A$37.1 million. January was also the month with the highest net earnings for the Star Group, reaching A$146.6 million.<\/p>\n<p>However, March saw the highest operating costs at A$97.1 million. Total operating costs for the quarter reached A$276.3 million, a 4.2% increase year-on-year. The Star Group attributed this to increased resources in its risk, control, and transformation teams.<\/p>\n<p>Normalized EBITDA came in at A$37.9 million. This was the metric that saw the biggest decline for the quarter, dropping by 11.5%. Normalized EBIT, however, showed a different trend, reaching A$9.3 million, a significant improvement from the A$6 million loss in the same period last year.<\/p>\n<p>After deducting significant items before tax (which resulted in a A$10.8 million loss), the net loss after tax was A$6.8 million. This was a positive outcome compared to the A$49.7 million loss in the third quarter of 2023. <\/p>\n<p>##  Difficult Days Ahead for Star<\/p>\n<p>The recent exits of Robbie Cooke and Christina Katsibouba, chief executive and chief financial officer of Star respectively, in March, just one month after the launch of their Bell Two satellite, have only intensified the company&#8217;s difficult period. David Foster, the chair, has taken on the role of temporary executive chair while the hunt for a new chief executive continues.<\/p>\n<p>Star has struggled to find a permanent leader. Cooke was the company&#8217;s fourth chief executive in a year when he assumed the role in November 2022. He followed Matt Bekier, John O&#8217;Neill, and Geoff Hogg.<\/p>\n<p>Bekier stepped down in June 2021 during an investigation into the Sydney Star hotel.<\/p>\n<p>In recent years, Star has also faced a number of ongoing regulatory hurdles. In October 2022, the company was deemed &#8220;unsuitable&#8221; to hold a license in Queensland. As a result, Star&#8217;s license in the state was withdrawn, and they were ordered to pay a penalty of A$100 million.  Star&#8217;s New South Wales license was also indefinitely suspended in October 2022, and they were ordered to pay another A$100 million penalty. <\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Stars third-quarter financial performance, marked by losses, coincides with the continuation of the second Bell inquiry. The Stars trading update for the third quarter ending March 31 revealed a&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Star<\/title>\n<meta name=\"description\" content=\"The Star\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"The Star&#039;s Difficult Days\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"The Star\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Your Gateway to a World of Licensed Online Casino Entertainment\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T16:22:08+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/\",\"url\":\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/\",\"name\":\"The Star\",\"isPartOf\":{\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-25T16:22:08+00:00\",\"dateModified\":\"2024-06-25T16:22:08+00:00\",\"author\":{\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"The Star\",\"breadcrumb\":{\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/25\/the-stars-difficult-days\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/secretnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Star&#8217;s Difficult Days\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/secretnodepositbonuscodes.icu\/\",\"name\":\"Your Gateway to a World of Licensed Online Casino Entertainment\",\"description\":\"Experience the thrill of licensed online gambling with our up-to-date news, in-depth reviews, and expert articles. 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