![]() ![]() When the head of the NSW casino regulator Philip Crawford suspended The Star’s casino licence in October, he stressed the only reason the group wasn’t shut down entirely was to protect the jobs of its 4000 Sydney employees. The group confirmed on Friday the new tax arrangement will facilitate its plan to refinance its existing debt funding arrangements. The Star announced an $800 million emergency capital raise in February following a bleak half-year result for the December half. It’s also bracing for what is expected to be one of the biggest financial penalties ever issued by the corporate regulator AUSTRAC. The group is also facing four shareholder class actions and is in the midst of a very expensive path to remediation. Star Entertainment’s financial distress started after two damning state inquiries revoked its casino licences in NSW and Queensland and issued multimillion-dollar fines, after a 2021 investigation by this masthead exposed it had enabled suspected money laundering, organised crime, large-scale fraud and foreign interference in its Australian casinos for years. ![]()
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