Star Entertainment is considering a possible sale of its flagship Sydney asset as the casino buckles under competition from neighbouring Crown and the burden of operating under the oversight of regulator-appointed special managers.
It downgraded earnings forecasts and will eliminate 500 jobs, the group said on Wednesday, sparking a 7 per cent fall in the share price that leaves the stock at less than half its value of a year ago.
As well as shrinking its workforce, its non-unionised staff will be on pay freezes as the company looks to save $100 million annually. Star scrapped executive bonuses as part of its belt tightening after inquiries in NSW and Queensland found…
Read the full article at: https://www.afr.com/companies/games-and-wagering/star-cuts-jobs-bonuses-amid-strategic-review-of-sydney-casino-20230419-p5d1kh