Australia's Star Entertainment gets tax lifeline in deal with New South Wales

📆 8/11/2023 3:54 AM
📰 ChannelNewsAsia

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Australia's Star Entertainment said on Friday it had secured concessions on casino duty rates in a deal with New South Wales state, putting its shares on track for their best day in 18 years.The cash-strapped company said the agreement will involve a transition plan to give it more time to stabilise opera

Australia's Star Entertainment said on Friday it had secured concessions on casino duty rates in a deal with New South Wales state, putting its shares on track for their best day in 18 years.

The New South Wales government in December 2022 proposed to raise taxes on casino poker machine operators in the state from July 2023. "For shareholders, this was the change of fortunes they were looking for and welcome news after plenty of bad news. It's been a terrible 12 months with shares down 56 per cent in that time," said Josh Gilbert, market analyst at eToro AUS Capital.

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