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If current management cannot reach a long-term agreement with these parties or agree to a significant asset sale, Star might be forced into administration. Last week, former Star finance boss Harry Theodore broke ranks with his former colleagues and settled with ASIC on charges that he knowingly misled NAB about its ATMs being used to funnel more than $900 million into Star’s Sydney casino. "No probity information of any kind is included in the materials provided to the board. The information concerns only credit and property checks, ie the credit risk exposure to the company," Higgins said.
More than 3,000 staffers across the casino, hotel and retail areas help run the Brisbane precinct alone and all could go jobless if it were to close, sparking an assurance from Premier David Crisafulli that those affected would be looked after. The gaming giant warned it has only $79million in its bank accounts and is struggling with a downturn in the number of gamblers at its venues along with more than $100million in fines it was slapped with over license breaches. Star Entertainment Group could be broke in a matter of weeks with the future of its casinos in Sydney, Brisbane and the Gold Coast - along with the thousands of jobs they provide - in doubt.