Star shares collapsed 13 per cent on Monday as the casino group sought “urgent” meetings with the NSW government after the treasurer unveiled a tax hike on the group's harbourside casino in Sydney.
Star Entertainment Group shares collapsed 13 per cent on Monday as the casino group sought “urgent” meetings with the NSW government after theNSW Treasurer Matt Kean revealed the proposed tax increase – which will also apply to rival casino operator Crown Resorts – on Friday, saying the state’s two casinos will raise an additional $364 million over three years.
“Specifically, in addition to state gaming taxes, The Star also pays millions in corporate taxes, with total taxes paid as a percentage of The Star’s profits being around 70 per cent, and as high as 80 per cent in the last five years when all the tax regimes are considered.” Mr Kean said on Friday the changes, which are due to start next financial year, apply only to the state’s two casinos, both in Sydney.“These reformed tax rates will replace the existing regime under which casinos pay less tax on poker machines than hotels and clubs,” he said.
“These changes will ensure that the casinos continue to make an appropriate contribution to the community and support the delivery of vital government services.”
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