Consumer
Gambling Giant Star on the Brink of Collapse as Cash Runs Out
- Star high chance of falling into administration, analysts say
- Company working to strengthen financial position, CEO says
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Australia’s biggest listed casino operator, Star Entertainment Group Ltd., once had it all. Its gaming licenses stretched out for centuries. The domestic market was home to the planet’s most prolific gamblers. The company’s harborside resort in Sydney drew a constant flow of high-rollers from China.
Now Star is bleeding cash, desperate for funding and — by some analyst estimates — a 50-50 chance of collapsing.