Star Entertainment Secures Jobs Guarantee Deal in NSW

Star Entertainment Group has reached a significant milestone with the NSW authorities, solidifying a binding agreement that mandates the maintenance of a minimum workforce at its Sydney operations. This agreement, also supported by the United Workers Union, outlines specific ratios for full-time, part-time, and casual employees. Notably, this commitment is set to endure until June 2030, bolstering employment certainty for the foreseeable future.

In a move aligning with upcoming regulatory reforms, Star Entertainment has agreed to initiate a trial for cashless and carded play at The Star Sydney. This trial period, preceding the broader implementation scheduled for August 2024, encompasses a selected number of poker machines and table games. CEO Robbie Cooke emphasized the importance of these reforms, highlighting the company's dedication to restoring trust within the community and contributing to the NSW economy.

Despite recent strides, Star Entertainment faced substantial financial setbacks, announcing a staggering AU$2.4bn loss last August. This loss primarily stems from a significant write-down in casino values and hefty regulatory penalties. However, the company's ongoing efforts to address regulatory concerns, coupled with a positive EBITDA trend, signify a determined push towards recovery despite past challenges.