Earlier this week, Star published its quarterly report, which precedes audited financial accounts due next month. The published report states that it made a loss before interest, tax, depreciation and amortisation costs of $27 million for the quarter to June 30, on revenue of $270 million. ASIC has accused them of not paying sufficient attention to the risks of money laundering and criminal association that have financially crippled the casino operator with massive fines and gambling restrictions on its pokies.
On top of its underperforming casino business and the remediation needed to retain its casino licence, Star also faces further fines, including from the money laundering regulator AUSTRAC. Last year, Star provided for fines and penalties of $150 million from alleged non-compliance with anti-money laundering laws in its financial report for the half-year ended December 31, 2022, after ASIC raised concerns. The company was sounding out investors for a $300 million raising last week via a convertible notes issue before the final report of a second inquiry into its Sydney casino landed from Adam Bell, SC, on Friday. While the report said Star Entertainment was still unfit to hold a licence, it stopped short of recommending the licence be revoked. The next 24 hours will be crucial for the casino operator, which was forced to delay the announcement of its full-year results on Friday.