net losses of AU$94.5 million<\/a><\/em><\/strong> (US$67.9 million) for the year ending June 30, blaming the results on the lockdown measures imposed from late March until the beginning of July. <\/p>\n\n\n\nStar chief executive Matt Bekier received AU$2.3 million (US$1.68 million) for the 2020 financial year, down from AU$3.3 million (US$2.41 million) a year earlier. He also took a 40 per cent pay cut during the pandemic. <\/p>\n\n\n\n
The Star stood down 95 per cent of its 9,000 workers when its Sydney, Brisbane and the Gold Coast casinos were closed, Of those, 7,000 workers received AU$130 million (US$95.1 million) in JobKeeper payments. <\/p>\n\n\n\n
The\u00a0Jobkeeper\u00a0payments were one of the Australian government\u2019s initiatives to allow businesses in the country to keep on employees while they were unable to operate.<\/p>\n\n\n\n
The Sydney Morning Herald has been unimpressed with the company granting bonuses while pocketing part of a Jobkeeper subsidy of AU$9.6 million (US$7.02 million) which it received to pay the salaries of workers who were not stood down. <\/p>\n\n\n\n
A Star spokesman told the Herald that\u00a0the JobKeeper\u00a0scheme allowed the return of staff when it otherwise would not have been feasible because the company is operating venues without making a profit.\u00a0\u00a0<\/p>\n\n\n\n
The company also gave staff that was stood down two weeks of paid “pandemic leave”,\u00a0which cost about AU$19 million (US$13.8 million). It also paid AU$3 million (US$2.1 million) to staff who were ineligible for\u00a0JobKeeper\u00a0payments, The Sydney Morning Herald reported.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
The Australian casino operator didn’t meet its goals for the year and had to stand down 95 per cent of its employees.<\/p>\n","protected":false},"author":2,"featured_media":10068,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group reported significant net losses for FY2020, attributing them to pandemic-induced lockdowns, which necessitated the stand-down of 95% of its workforce. Despite these financial challenges and reliance on government JobKeeper subsidies, the casino operator awarded AU$1.4 million in executive bonuses, drawing public scrutiny regarding corporate governance and remuneration practices.","focusai_entities":"The Star Entertainment Group, Matt Bekier, The Sydney Morning Herald","focusai_location":"Australia, Sydney, Brisbane, Gold Coast","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"JobKeeper Impact Analysis","query":"What is the long-term impact of the JobKeeper subsidy on The Star's balance sheet, liquidity position, and future capital expenditure plans?"},{"label":"Executive Compensation Strategy","query":"How will The Star's executive compensation strategy evolve to align with shareholder value and public perception post-pandemic, particularly concerning performance-based incentives?"}],"footnotes":""},"categories":[16336,157],"tags":[289,21815],"class_list":["post-10066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-australia","tag-the-star"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=10066"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10066\/revisions"}],"predecessor-version":[{"id":21080,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10066\/revisions\/21080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10068"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=10066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=10066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=10066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}