THE STAR ENTERTAINMENT GROUP LIMITED SGRASX ASX Share Price & News

ASX 200 investors are bidding up the Star cocoa casino slot providers share price after the embattled company announced a major divestment. The Star casino in Sydney is the company’s core asset and historically generated approximately most of group earnings as the city’s only casino. However, Star’s exclusivity in Sydney has come to an end with a second Sydney Australian casino high RTP slots license issued to Crown Resorts, opening in August 2022. This is a major blow to Star, ending its long-standing monopoly in Sydney. The fiscal 2024 collapse in earnings was considerably worse than estimated and development costs are set to be higher than anticipated.
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 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’s stake in the Queen’s Wharf lukki casino VIP welcome bonus complex, sending shares higher. Strict new gambling rules and fewer tourists at the casino operator’s flagship Sydney establishment have pushed the company into a loss for the past three months.
The company has taken an appropriate approach to shareholder distributions with the suspension of dividends during the pandemic. The remains their intention until suitable providing it remains within its target leverage range at the time. The gaming sector carries a set of constant risks including tax increases, ESG risks, and lucky ones crypto regulations heightened regulatory scrutiny. Boosted by new developments in Queensland and a recovery from current headwinds, we project a 5% annual revenue growth for the five years ending fiscal 2029.
Alarming laws and slot machine bonuses online legislation have been passed in other countries that can significantly impact people’s lives. As a business, The Star is ahead of many in our industry in terms of diversity and inclusion, but there’s still a lot to do. The Trans and gender-diverse communities are starting to feel vulnerable, so let’s continue to work on making The Star a safe and inclusive place for everyone, esp., for trans and gender-diverse team members. Bally’s Corp (BALY) makes a surprise $158M bid for Australia’s Star Entertainment (EHGRF) to recapitalize assets. Sharemarket rallies after US futures, Asian stocks lift; Deutsche Bank first to tip 50bps May cut; Star saved as Bally’s swoops in; $A holds near five-year low.
Oxfam’s latest inequality report has found the world’s top online casino sites 10 richest people (all men) made a whopping $150 million a day last year. The gains were largely across the board with 128 companies making gains, 65 losing ground and 7 going nowhere from Friday’s close. The company drew down the first $100 million of a new loan facility in early December, but has raised concerns about its ability to meet the conditions required to access a further $100 million. Just a quick update on the waxing and waning fortunes of Donald and Melania Trump and their recently launched meme coins we’ve been following today. Oxfam Australia is calling on the federal government to introduce a wealth tax of between 2 and 5 per cent on the super-rich.