In an update to the stock exchange this morning, Star reported a loss for the second quarter — although not as bad a loss as the previous period, as it managed to cut costs. Thanks for all your comments on superannuation today, in light of the Grattan Institute report arguing a government-backed annuity scheme would help more people draw down on their super — sharing a few more here. In 2022, The Star Entertainment Group was found unfit to hold casino licences in both New South Wales and Queensland. The company was fined $100 million by both states with a new manager appointed to oversee Star's operations to regulated standards. Its Sydney casino licence was suspended while in Queensland, a 90-day suspension has been deferred to December 2023.
Airtasker will look to expand rapidly overseas after a new capital raise and an expanded strategic partnership. Star Entertainment said it would remain engaged with its JV partners and would update investors if anything changed. Star Entertainment will remain responsible for its share of future equity contributions to DBC, estimated at $200 million. The parent company's guarantee of Star Entertainment's 50% share of the DBC debt facility remains in place. This is a significant development given that the cash-strapped Neospin casino email support sought to sell the assets to boost its balance sheet.
There are several other one-off costs in the horizon, with the securing of additional debt and material improvements in operating conditions being necessary to fund these obligations. We anticipate medium-term recovery in the operating conditions for casinos, but Star is in need of an immediate solution. The "ongoing financial and liquidity challenges" have led Star and Viva Las Venice online gaming its directors to seek external advice on operating under safe harbour provisions.
"With generative AI [artificial intelligence], there's a lot of waste and new waste streams coming from data centres," explains Ross Thompson, CEO of Greenbox. "Most recently, we have spent $2 billion on acquisitions and brownfields expansion of our operations there. Shares in steelmaker BlueScope have risen this session, currently up about 2 per cent, compared to modest losses for the broader market. "The ASI is hopeful that BlueScope's strong investment in the US economy is recognised by the Trump administration, which saw fit to exempt Australia from steel tariffs in the last Trump administration. "It's early days and we are still working to understand the impact of any potential tariffs on Australia's aluminium trade," says CEO Marghanita Johnson. While the F&FCO position was announced to the market in October last year, WiseTech said the terms of the agreement "are still in the course of agreement". "Well that was a fun Tuesday through Friday, if you work in global e-commerce," said Derek Lossing, CEO of e-commerce and global supply chain firm Cirrus Global Advisors, told the news agency.
Health sector protective goods maker Ansell has impressed investors the most of all the ASX 200 companies reporting today. Of the ASX 200 companies reporting today, investors were happy with Ansell (+8.1%) while JB HiFi (-4.6%), and Car Group (-6.5%) didn't impress, despite higher interim profits. Ansell was the best educational resources gambling of the ASX 200 companies reporting today (+8.1%), while JB HiFi (-4.6%) and Car Group (-6.5%) reported higher interim profits, but both fell short of their investors' lofty expectations. The legal battle between Star Entertainment and the corporate regulator started in the Federal Court. Meanwhile Hong Kong investors are circling Star Brisbane casino surveillance's stake in the Queen's Wharf casino complex, sending shares higher. Strict new gambling rules and fewer tourists at the TI casino games operator’s flagship Sydney establishment have pushed the company into a loss for the past three months.
Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. Morningstar lowers our Uncertainty Rating from Extreme to very high after the results of the second bell inquiry were passed down. The scrutiny into Star’s suitability to hold a casino licence ended in the best Aussie slots bonus codes plausible outcome that the company could have hoped for. Whilst they are currently deemed unsuitable to hold a casino license, the enquiry ruled that the license need not be revoked entirely. Queensland is currently the only state where Star holds an exclusive position and consequently the company is throwing substantial amounts of capital (~$3 billion) in ensuring it stays that way. The Queen's Wharf joint venture development in Brisbane commands $2.6 billion of the spending with a 99-year lease and 25-year exclusivity period. Morningstar expects the extensive capital investment in Queensland to weigh on the near-term returns on invested capital.