Star Entertainment Faces Collapse: 9,000 Jobs at Risk Amid Financial Turmoil

Star Entertainment's Troubling Situation

Star Entertainment's shares have been suspended from trading, indicating severe issues for the company and the potential risk to its 9,000 employees. The Australian Securities Exchange announced this suspension after the company failed to submit its half-yearly accounts, raising serious concerns about its ability to continue operating.

Star Entertainment has entered into another trading halt on Monday, March 3, 2025. Picture: David Clark

On the day of the suspension, the board acknowledged that there was material uncertainty regarding the company’s future, indicating that a collapse could be imminent. Star is currently seeking liquidity solutions to improve its financial standing, but the ongoing trading halt complicates these efforts.

Star Entertainment is running out of cash. Picture: David Clark

The company, valued at $315 million, is scrambling for emergency financing as it faces a severe downturn in revenues due to an exodus of high rollers and rising living costs. The risk of administration looms large, putting thousands of jobs in jeopardy.

Star operates casinos and hotels across Sydney, Brisbane, and the Gold Coast, and is grappling with ongoing investigations and penalties from corporate watchdogs due to past failures, including a $100 million fine imposed by the NSW Independent Casino Commission for allowing money laundering at its Sydney casino.

The view from the Sky Deck at Star’s new Queens Wharf complex in Brisbane. Picture: David Clark

The company’s decline has been gradual, with its market capitalization dropping from $1.5 billion in July last year. More details about Star’s financial position are expected to be released later today.