The big winner so far is the gambling outfit Tabcorp, up 5.5% on a broker upgrade, while Iress has gained 4.3% after announcing it would be selling its superannuation business. Star Entertainment returned to its customary position in the loser's column after warning shareholders about the "material uncertainty" of their investment, something they should be all too aware about already. It was bad early and got worse, falling almost 18% by the close.
To add further strain to profits, the New South Wales government is considering increasing taxes on gaming revenue. Discussions between Star and the State continue to develop, with the hope that tax increases will not be as damaging as projected by investment analysts. The share price of Star Entertainment has fallen significantly in the past days. The Star Entertainment Group Ltd (SGR), the owner of Star Casino Sydney, Melbourne and Brisbane, has seen its share price take a dive due to the potential increase in NSW state gaming taxes and increased competition from Crown Casino.