"The situation for Star workers in terms of this current financial crisis dates back to September of last year, but for many Star workers, they've been dealing with Star's uncertainty for two to three years." The potential collapse of the company puts the jobs of about 9,000 workers across its three casinos on the line. If funding isn't secured, Star will face the prospect of entering voluntary administration, which would see independent administrators appointed to manage affairs on behalf of creditors, and attempt to rescue operations. The shares have plumbed a 25 cent low in recent weeks after trading north of $4 immediately before the pandemic. Star’s woes are all the more startling given its former dominance in a country that loses more money gambling per capita than any other in the world. After a series of damning inquiries, Star casinos in New South Wales and Queensland are being overseen by government-appointed caretakers. According to Morningstar, Star is so financially fragile it may not survive beyond February without some kind of lifeline. Regulatory inquiries have found it unsuitable to operate its Sydney and Queensland casinos, placing them under government supervision. Almost A$4 billion (S$3.4 billion) has been wiped from Star’s market capitalisation since late 2021, leaving the company valued at just A$387 million. It has forced everything from the introduction of carded play to the breaking of ties with the offshore junket operators that shipped in the high-roller players from China.
