Daily Asia Gaming eBrief: Is The Star 'too big to fail'?

Wednesday 16th of October 2024

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Good morning. The Star is on tenterhooks, waiting to find out whether it will be able to maintain its casino license in Sydney following the Bell Two inquiry. And while losing its license is a major possibility, a former regulator questions whether it might avoid such an economic disaster by being deemed 'too big to fail'. No matter what, the company is likely to face the music for its actions this month. Meanwhile, things aren't looking so bright for Okada Manila, as its third-quarter results saw both yearly and quarterly slowdowns, despite machine revenue faring fairly better than VIP or mass.

What you need to know

If The Star's Sydney casino license isn't canceled, it could be deemed 'too big to fail' but its misfortune was "brought upon itself": former regulator.
Okada Manila saw a significant slowdown in gaming revenues during the third quarter, causing a heavy drop in EBITDA.

On the radar

Bloomberry Resorts successfully refinances a $1.24B loan.
Korean company IR project in Mariana Islands not yet greenlighted: report.
Casino equipment market remains positive over the next 3-5 years: RGB.
South Korean teens' gambling addiction doubled over past four years.
Hotel room price increases boost the 3Q24 Tourist Price Index in Macau.
Macau offered 70,000+ discounted air tickets to attract foreign tourists

AGB Intelligence

AUSTRALIA

Is The Star 'too big to fail'?

An announcement from the New South Wales Independent Casino Commission is due this month, which will determine the fate of The Star Sydney's casino license. If the license isn't canceled, notes a former regulator, it could be deemed 'too big to fail'. Peter Cohen walks us through the possible outcomes following the Bell Two inquiry, what position The Star is currently in and how it got there.

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