From punitive pokie taxes to new regulatory actions and the high cost of reform, casinos are not the lucrative businesses (or easy directorships) they once were.
feeding into a 44 per cent drop for the year.
“The signal [from ASIC] is pretty clear – if you want to be on the board of a large gambling concern, then you need to be around all the regulatory concerns of the industry, which are many and varied,” Monash University gambling regulation expert Dr Charles Livingstone says. While this would take a lot more work from directors and staff, it is not impossible, Livingstone says.
“But that just means you’re going to be looking at a business that’s getting more like normal levels of profit and return, whereas before they were recording these extraordinary returns on their investment. It will be more like a retail business than a licence to print money,” Livingstone says. But Star is not like Crown Resorts, which was bought out by US private equity firm Blackstone for $8.9 billion this year.
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