How the end of money laundering sank Australia’s casinos

While Star has pointed to an unnamed party as key to its survival, it has not provided any details as it continues to negotiate a deal. The Australian Financial Review can reveal that this prospective financier is Salter Brothers, led by wealthy businessmen Paul and Robert Salter and backed by offshore funds. “I would note that the regulatory environment and challenges [of] technology upgrades and other matters we’re dealing with in Australia are quite unique to the Australian online casino instant payouts market. The NSW and Queensland governments have shown little interest in bailing out the company, and on Friday they pointed to the impact of Star’s precarious situation on jobs.
The Company operates The Star Sydney (Sydney) and The Star Gold Coast (Gold Coast). The Sydney segment consists of The Star Sydney’s meth casino top crypto casino operations, including hotels, restaurants, bars and other entertainment facilities. The Gold Coast segment consists of The Star Gold Coast’s online casino game providers Singapore operations, including hotels, theatres, restaurants, bars and other entertainment facilities. Star Brisbane, including Aussie casino welcome bonus operations, hotel, restaurants, bars and other entertainment facilities. The Company also manages the Gold Coast Convention and Exhibition Center on behalf of the Queensland Government. The Company owns Broadbeach Island on which The Star Gold Coast high roller casino terms and conditions is located.
It since has been selling neighbouring properties in Southbank, bought by Crown when James Packer was still running the outfit. US investment giant Blackstone bought Crown in 2022 for $8.9 billion with grand plans for a refurbishment and expansion, which appears to have come to nought. Investors were spooked by a financial performance that revealed an operation haemorrhaging cash with little prospect of an immediate improvement.
Star also secured a $200 million debt facility to cover some of its short-term financial needs, but this comes with a hefty 13.5% interest rate. Star will have to repay more than $36 million to its consortium partners between now and September, but the bigger issue is how it will shoulder its share of future equity contributions and the consortium’s debt. “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. Star Entertainment has narrowly dodged financial collapse with thousands of jobs saved after a US Roo Casino betting tips giant swooped in to rescue the flailing business.
Copyright © 2025 FactSet Research Systems Inc.Copyright © 2025, American Bankers Association. “They’re not highly paid people — they’re struggling with the cost of living as everyone else is and they can’t afford to take a pay cut.” The union was not aware of any requests for staff to take pay cuts or give up benefits to help keep the business afloat.