*Star Entertainment Group’s boss, Steve McCann, has flagged hundreds of job cuts and the sale of assets such as hotels in Sydney, Brisbane and the Gold Coast as part of a complicated cost-saving plan following a $1.69 billion loss for the 12 months to June 30.*
*[…] McCann confirmed the group will cut 350 roles, freeze salary increases and reduce its spending on consultants to reach a $100 million cost savings target. The company did not say where the affected jobs are based.*
*[…] The Queensland government had been considering issuing $60 million in tax relief to the struggling business, while NSW has already delayed tax increases until the end of this decade.*
*But the negotiations between Queensland and The Star seem to have broken down. On Thursday, Queensland Premier Steven Miles slammed the group’s leadership and said discussions had stalled over McCann’s refusal to waive executive bonuses.*
*“There will be no consideration of any kind of arrangement while their executives insist on paying themselves performance bonuses,” Miles said. “And we’re unlikely to reach one. Frankly, I find it astounding.”*
MajorTiny4713 on
No public money to bail out corrupt executives
theredkrawler on
> take money using people’s addictive personalities to the point where they’ll mortgage their house for one more go
> still goes broke
Is there a more incompetent business in existence?
Der0- on
How do you lose money running a casino?
Did they take Trump school classes?
Chart_Unlikely on
Credit to Miles in not considering any aid if the executives are going to pay themselves extra for creating such a staggering loss
5 Comments
Excerpts from [article](https://www.brisbanetimes.com.au/business/companies/the-star-prepares-to-unveil-mammoth-loss-after-securing-multimillion-dollar-lifeline-20240902-p5k71w.html) by Amelia McGuire and Matt Dennien:
*Star Entertainment Group’s boss, Steve McCann, has flagged hundreds of job cuts and the sale of assets such as hotels in Sydney, Brisbane and the Gold Coast as part of a complicated cost-saving plan following a $1.69 billion loss for the 12 months to June 30.*
*[…] McCann confirmed the group will cut 350 roles, freeze salary increases and reduce its spending on consultants to reach a $100 million cost savings target. The company did not say where the affected jobs are based.*
*[…] The Queensland government had been considering issuing $60 million in tax relief to the struggling business, while NSW has already delayed tax increases until the end of this decade.*
*But the negotiations between Queensland and The Star seem to have broken down. On Thursday, Queensland Premier Steven Miles slammed the group’s leadership and said discussions had stalled over McCann’s refusal to waive executive bonuses.*
*“There will be no consideration of any kind of arrangement while their executives insist on paying themselves performance bonuses,” Miles said. “And we’re unlikely to reach one. Frankly, I find it astounding.”*
No public money to bail out corrupt executives
> take money using people’s addictive personalities to the point where they’ll mortgage their house for one more go
> still goes broke
Is there a more incompetent business in existence?
How do you lose money running a casino?
Did they take Trump school classes?
Credit to Miles in not considering any aid if the executives are going to pay themselves extra for creating such a staggering loss
We all know what Crisafulli would do