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 Star Entertainment want to sell Sheraton Grand Mirage Resort to pay fines




Star Entertainment want to sell Sheraton Grand Mirage Resort to pay fines
Published: 2023-06-26

Australian casino giant Star Entertainment Group is set to sell the Sheraton Grand Mirage Resort Gold Coast property. This announcement comes amid very difficult times for the company that have seen it lose public trust.

The operator was negatively impacted by probes into its business that discovered severe regulatory failures. Forced to pay two fines of over a hundred Australian dollars and to introduce remediation plans, Star Entertainment Group quickly began losing steam.

The Star notes that it controls 50 percent of this beachfront property, alongside Hong Kong Stock Exchange-listed Far East Consortium and Chow Tai Fook – each controlling 25 percent.

Australian Wattle Development, a company controlled by Star, will sign the agreement with the purchaser, the Karedis and Laundy families – subject to the buyer obtaining approval for the transfer of the liquor license from the Queensland Office of Liquor and Gaming Regulation.

The Sheraton Grand Mirage Resort Gold Coast was acquired for AU$140 million ($93 million) in January 2017 by Australian Wattle Development, which also counts Hong Kong’s Chow Tai Fook and Far East Consortium as partners.

The Star initially showed signs of its disposal in February after it announced it was anticipating losses of up to $1.11 billion due to legal cases for anti-money laundering breaches and potential changes to the New South Wales tax regime. 

The company announced last week that the deal to sell buildings comprising its Treasury Casino and Hotel property in Brisbane to integrated property group Charter Hall has fallen through.

However, the New South Wales government postponed the increase in casino taxation rates last week. Meanwhile, Queen’s Wharf Brisbane has seen its opening date pushed back by four months, now expected to only open in April of 2024. According to its most recent financial reports, The Star reported a 1H23 loss of $861 million.

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Salerno, ordinance issued: hourly limits for gaming and betting halls and for slots installed in general stores. 

Star Entertainment want to sell Sheraton Grand Mirage Resort to pay fines

 

The Municipality of Salerno, through a union ordinance, has established that for public gaming halls and betting halls (including bowling and bingo halls) with gaming as their exclusive or main activity, and in which access to minors is prohibited, the following timetable must be observed: from 10am to 2am.

 

 

For businesses - equipped with slot machines - with exclusive or prevalent activities other than gaming (bars, tobacconists, etc.), and in which access to minors is not prohibited, the machines may remain switched on during the following hours: from 9 am to 12.30 pm, and from 14.30 pm to 23 pm.

 

 

 

The ordinance does not apply to businesses that have installed exclusively gaming machines without cash prizes and in any case to machines without cash prizes installed outdoors inside public establishments.

 

 



Government backs White Paper consultation phase against pending pressures. 

Star Entertainment want to sell Sheraton Grand Mirage Resort to pay fines

 

The UK government has published its response to the Culture, Media and Sport Committee of the House of Commons observing sessions and consultations related to the Gambling Review. 

 

Chaired by Dame Caroline Dinenage (MP), in December, the Committee published its ‘second report of sessions 2023-to-2024’ related to implementing changes and proposals outlined by the Gambling Review’s White Paper.

 

The remit saw the Committee underline the 17 overarching policy proposals of the White Paper to include “new protections for online gambling consumers; the creation of a statutory gambling levy to raise money for problem gambling research, prevention and treatment; the relaxation of certain restrictions of land-based gambling premises, as well as new powers for local authorities which licence them; and the creation of a non-statutory gambling ombudsman to adjudicate disputes between gambling companies and the customers relating to social responsibility failings.” 

 

 

Further proposals include strengthening the Gambling Commission with new powers to tackle unlicensed online gambling, and a review of how the Commission’s fees are set and applied.

 

Observing the White Paper’s proceedings, the Committee detailed recommendations that “the government must set out a detailed timetable for the delivery of the White Paper’s proposals, including when relevant primary legislation will be introduced to Parliament.” 

 

However, the government expressed its commitment to proceeding with the consultations on the White Paper swiftly and has highlighted the ongoing work to implement the proposed measures.  

 

Work to date includes the three public consultations on key proposals from the White Paper related to new land-based gambling measures ,the design of the Statutory Levy for safer gambling, and new stake limits for online slots. 

 



Gibraltar meets with the International Olympic Committee and UEFA in Switzerland to discuss match-fixing. 

Star Entertainment want to sell Sheraton Grand Mirage Resort to pay fines

 

 

 

 

A representative of the Gibraltar Gaming Division specializing in sporting integrity issues has attended a high-level workshop jointly organized by the International Olympic Committee and UEFA at the Olympic House in Lausanne, Switzerland. It was a seminar to optimize prevention regarding fraudulent sports betting and match-fixing.

 

 

The Gibraltar Football Association (GFA) hosted a UEFA seminar on match-fixing at the Rock, which was also attended by representatives from the Gaming Division. Andrew Lyman, Gibraltar's Gambling Commissioner, highlighted: “Work on integrity in sport and engaging with parties interested in match-fixing is an important part of our work that often goes unnoticed.”

 

 

In the 22/23 season, the Gibraltar Gaming Division received 42 betting integrity reports from betting operators and 13 requests for assistance from the Olympic Movement Unit on Prevention of Manipulation of Sports Competitions. In addition, according to the Gibraltarian authorities, he participated in many communications to national and international sports governing bodies (including FIFA and UEFA), as well as in engagement with law enforcement.

 



Facua asks to modify the Gaming Law to limit the acquisition of clients. 

Star Entertainment want to sell Sheraton Grand Mirage Resort to pay fines

 

Facua [The consumer association FACUA-Consumers in Action] has requested the Government to promote a modification of the Gaming Law and other laws that affect the matter in order, according to the association, to correct the inconsistencies that exist between them and that have led to the Supreme Court to annul several articles of the regulations implemented in 2020 to limit advertising of betting houses and their products.

 

 

The Supreme Court indicates that it is necessary to annul a series of articles, since there is no prior legal authorization that allows this rule to regulate certain issues, including limitations on attracting clients or the prohibition of advertising by famous people.

 

The association considers that, even though betting houses are dedicated to a legal activity, they are especially harmful to vulnerable groups such as minors or people with few resources, as well as users who already have gambling problems and that through the internet, they have direct and easy access to these betting platforms.

 

 

This Supreme Court ruling opens the door to a flood of betting house advertisements on social networks, media, or websites, also using famous people as a lure.

 

 

Facua points out in its statement that, although gambling is a legal activity that people of legal age can voluntarily access, this does not prevent the danger that it can pose for certain especially vulnerable groups from justifying the State from limiting its advertising to all the citizens.

 



Still the discrimination persists on financing for gambling companies in Europe. 

Star Entertainment want to sell Sheraton Grand Mirage Resort to pay fines

The Independent Association of Recreational Machine Operating Companies of Catalonia, Europer, has published the results of its third barometer on the situation of the recreational sector. The objective of this analysis is to provide a greater understanding of the business reality in the recreational field for the economic world, the Administration and society in general.

 

7 out of 10 recreational companies have been harmed when requesting financing for their business because they are linked to the gaming sector.

 

This survey, carried out in March 2024, included the participation of 406 Catalan companies, 93% of which are SMEs. According to the results, 72.7% of companies in the recreational sector have experienced difficulties when applying for financing due to their association with gambling.

 

 

Albert Sola, president of Europer, expressed his concern about this data and noted: "We hope that these prejudices towards companies in our sector will soon disappear, since we strictly comply with the law and, therefore, we should have the same rights as any another industry”.

 

Regarding the evolution of business during the first quarter of the year, 54.5% of companies reported positive progress, while 36.4% remained stable and only 9.1% experienced a decline. These results represent an improvement over the previous quarter, where only 37.5% reported positive progress.

 

 

Regarding workforce growth expectations for the second half of 2024, 81.8% of companies plan to keep their staff stable, 9.1% anticipate growth and another 9.1% anticipate a decrease. These figures are similar to those of the previous quarter, suggesting a stable trend in the sector.

 

Albert Sola concluded: "These are encouraging data for companies in the gaming sector, and we hope that this positive trend will continue throughout 2024."

 


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