A year later, a report into Star Sydney’s progress found the casino had implemented 22 of 30 recommended measures from the Bell report. The report concedes that some improvements have been made since 2022, including a greater level of transparency and cooperation. However, the NICC said the report underscores concerns that it was not receiving all the facts from The Star at a time when it needed certainty the company could fund and prioritise an urgent business turnaround. Star is preparing to announce a $1.4bn write-down of its casino assets and a major cost-cutting programme, the Australian Financial Review reported on Monday.
"As noted in the company’s recent ASX announcements, there remains material uncertainty as to the group’s ability to continue as a going concern," it said. This includes its major shareholder, pokies billionaire Bruce Mathieson, offering to buy its Gold Coast casino. The deal will give the company breathing room to find the funding needed to survive a massive cash crunch after Star lost the support of both its investors and lenders. Star Entertainment has managed to avoid financial collapse for stompster.com now after signing a deal to sell its stake in Brisbane’s Queen’s Wharf casino to its two equity partners along with other assets.