Star will immediately receive A$35 million, blackcoin.co injecting much needed cash to the embattled company, which counts Australian billionaire Bruce Mathieson among its shareholders. Embattled casino operator Star Entertainment is facing a fresh blow, with a deal to exit a major Brisbane development on the brink of collapse. Further inquiries led to the loss of its licences and this ASIC legal battle, as well as legal action by financial crime regulator AUSTRAC over the money-laundering breaches. The group said revenue across Star Sydney’s gaming floor has dropped 10 per cent since the introduction of carded play in its VIP gaming floor last month.
It is in a desperate struggle to meet the conditions of a loan agreement that will give it access to $100 million before March. Rather than an attempted rescue, it looks like a $35 million punt from a guy from Macau who probably doesn’t have any inside running on whether this casino group will survive. The Star’s pubs and clubs competitors operate 98 per cent of the state’s poker machines and are still able to accept cash.