NSW govt gives Star Entertainment, Crown Resorts a cash limit breather
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The news: The New South Wales government has delayed the introduction of a stricter daily gambling limit by two years, relieving some of the financial pressure looming over casino operators Star Entertainment and Crown Resorts.
The context: Under the NSW Casino Control Act, the daily limit of $5,000 for gamblers at The Star Sydney and the Crown Sydney Casino in Barangaroo was due to be reduced to $1,000 from 19 August 2025.
Commencement of the restriction has now been pushed back to 19 August 2027. The lower limit was initially meant to commence in 2024 alongside the requirement that cash be loaded onto player cards across all casinos in New South Wales.
At the end of July, the struggling casino operator said that its continued weak performance was in part due to the impact of “mandatory carded play and cash limits in NSW and stricter regulatory requirements across all properties”.
An attempt to alleviate liquidity issues through the sale of its interest in the Queen's Wharf casino and entertainment complex recently fell through, leaving Star on the hook for an estimated $41 million in payments to joint venture partners Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium.
The source: ASX
