Good Morning. The Star’s recent move to lay off 500 employees amongst proposed tax increases resembles a “poker game fraught with risk”, notes gaming consultant Ben Lee. The group’s play to reduce costs and possibly offload its Star Sydney property could also prove more difficult than predicted. Moving to the Philippines, Jade Entertainment’s Joe Pisano says that the country is one of the most advanced when it comes to gaming diversity. And Chinese outbound travel is booming ahead of Labor Day, with close-haul most to benefit.
What you need to know
- The Star is playing a risky game as it threatens mass layoffs amongst negotiations over a tax increase, notes Ben Lee.
- The Philippines is the most advanced country when it comes to gaming diversity, says Jade Entertainment’s Jose Pisano.
- China outbound travel bookings rise 18-fold for Labor Day holiday, short-haul destinations stand to benefit the most.
On the radar
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- Macau needs to be prepared to receive young tourists: MGTO head.
- Goa casinos’ branding concealed during G20 Summit.
The Star playing “poker game fraught with risk”, consultant
The Star is playing an interesting game, as it moves to lay off 500 employees amongst regulatory pressures and a possible tax increase. Gaming consultant Ben Lee says the company’s look at a possible sale of its Star Sydney property could just be flag raising to attract minor investors, but that Crown investor Blackrock would be happy to step in and gain a Sydney monopoly, like it has in Melbourne.
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