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Industry
October 1, 2024
Australian Operators Under Flak for Alleged Underhanded Lobbying
Gambling reform advocates are raising alarms, warning that wagering companies are “showering” Australian federal politicians with hospitality as the government contemplates stricter advertising regulations. A new Alliance for Gambling Reform (AGR) report reveals that at least 19 federal MPs have accepted free tickets and hospitality from betting firms, including Tabcorp and Sportsbet, to attend various […]
Business
September 30, 2024
Star Completes Treasury Brisbane Casino Sale, Shares Rise 18%
At the end of last week, we reported that Star Entertainment was forced to return to the negotiation table alongside creditors to deal with its reported AU$1.69 billion ($1.08 billion) annual loss and the overall shaky ground projected for the new financial year. Now, the group that recently sold its leasehold interest in the historic […]
Industry
September 30, 2024
Tim Costello Criticizes NRL, AFL for Ignoring Problem Gambling
Gambling is recognized as a serious public health issue in Australia. The scale of the issue is evident, especially considering the annual losses to gambling hit AU$32 billion ($21.6 billion) based on data supplied by the Queensland Government Statistician’s Office. In that line of thought, meaningful changes are long overdue, and the time has come […]
Casino
September 27, 2024
Star Entertainment Navigates Choppy Financial Seas with Creditors
As losses loom and the company steps into the new financial year on shaky ground, Star Entertainment has been able to negotiate an AU$200 million (138.9 million) credit that will be drawn in October and December, in separate tranches. Star Is Walking a Thin Financial Rope and Aid Is Direly Needed Creditors have shown a […]
Industry
September 26, 2024
NSW: Most Operators Are Compliant with the New RG Rules
Liquor & Gaming NSW has continued its regulatory efforts to ensure that local gambling properties are complying with the new harm minimization measures. Recent findings have demonstrated venues’ readiness to adopt the new requirements. NSW Inspectors Continue to Ensure the Rules Are Followed According to the NSW regulator, its inspectors have visited a total of […]
Business
September 26, 2024
Star Entertainment’s Financial Struggles Continued in FY 2024
The Star Entertainment Group published its financials for the fiscal year, reporting a continued decline amid business and regulatory headwinds. However, the company management remains focused on demonstrating its compliance and generating shareholder value. The Star’s Financials Were Suboptimal Star Entertainment reported FY 2024 revenue of almost AUD 1.7 billion ($1.17 billion). This figure represented […]
Industry
September 23, 2024
Tasmanians’ Pokie Machine Losses Surpass $1bn Since 2018
The losses to gambling activities amount to hundreds of millions of dollars across Australia monthly. Piling up, the losses are in the billions on an annual basis with Australians recognized as the world’s biggest losers. Gambling Losses in Tasmania Pile Up But it is not only the popularity of gambling that results in high losses. […]
Sports
September 20, 2024
Tabcorp Announces Chairman Akhurst’s Departure Amid Financial Struggles
Tabcorp Holdings has made it known that Bruce Akhurst, its chairman, will leave his position after the company’s Annual General Meeting in October 2024. Akhurst has been the chairman since Tabcorp split from The Lottery Corporation in 2021. Tabcorp Reports Huge Net Loss and 57% Drop in Stock Price Akhurst’s exit comes after a tough […]
Industry
September 18, 2024
Australia to Introduce New Guidelines for Games with Loot Boxes and Gambling
Australia has created new classification guidelines for video games that contain gambling-like content. This addition comes amid growing concerns about Australia’s gambling harm rates and worries about potential links between video games containing gambling-like mechanics and gambling addiction. The New Measure Aligns with Australia’s Efforts to Protect Younger Citizens from Harm The new measure would […]
Business
September 18, 2024
VGW Reports Stellar Profits Despite Market Setbacks
Laurence Escalante’s gaming powerhouse, Virtual Gaming Worlds (VGW), has maintained its upward trajectory, booking a net profit of $492 million for the year up to 30 June. This figure represents a 30% climb from last year as the operator realized a record revenue of $6.1 billion. Despite regulatory challenges in its US market, the business […]
