NICC approves Investment Holdings to increase stake in The Star

NICC approves Investment Holdings to increase stake in The Star

Investment Holdings currently holds 9.83 per cent of The Star Entertainment Group shares.

Australia.- Investment Holdings, a company owned by Australian billionaire Bruce Mathieson, has been given approval by the NSW Independent Casino Commission (NICC) to increase its stake in The Star Entertainment Group. Currently, Investment Holdings holds 9.83 per cent of shares. It still needs to obtain approval in Queensland before increasing its stake.

According to New South Wales casino regulations, stakes exceeding 10 per cent require regulatory authorisation. Liquor & Gaming NSW, acting on behalf of the NICC, considered various financial and non-financial aspects.

NICC chief commissioner Philip Crawford said the report supplied the necessary data for the NICC to judge Investment Holdings and its executives as suitable and confirmed that there are no barriers to Bruce Lawrance Mathieson and Ross Blair-Holt being involved in the management and operation of a casino.

Crawford said: “Investment Holdings Pty Ltd and its associates underwent a rigorous assessment and ultimately satisfied the criteria for all applicants to be of sound and stable financial background with no adverse findings that would prevent close associate status.

“Mr. Mathieson and Mr. Blair-Holt have extensive experience within the liquor and gaming sectors, which positions them well for potential direct interactions with TSEG’s management group.”

The Star Entertainment Group expects Q4 revenue to be down 3.3%

The Star Entertainment Group expects revenue for the fourth quarter of the year to be between AU$1.67bn (US$1.11bn) and AU$1.68bn (US$1.12bn). That would be down 3.3 per cent in year-on-year terms and down 4.3 per cent sequentially.

Normalised group EBITDA for the financial year is expected to be between AU$165m (US$110m) and AU$180m (US$120m). Revenue from premium gaming rooms (PGR) is also expected to be down 16.5 per cent across the group.

See also: The Star appoints Steve McCann as CEO and managing director

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New South Wales Independent Casino Commission