Payouts to Star Entertainment shareholders delayed
The Star Entertainment Group is the latest to defer their payouts to shareholders as they cope with lockdown measures that have devastated their business.
News.com.au reports that The Star will defer payment of its interim dividend for three months as it copes with the lockdown measures, which have forced it to close its casinos and stand down 90 per cent of its workforce.
The Star says it will now pay its interim dividend on July 2 rather than April 1, and will not pay a final dividend as it tries to position the company for a post coronavirus recovery.
Star stands down 90 per cent of its staff
The Star Entertainment Group has been forced to stand down 90 per cent of its 9,000 strong workforce at its casinos on the Gold Coast, Brisbane and Sydney.
My GC reported last week that coronavirus is to blame for the stand down, with casinos, bars and restaurants shut.
The company’s hotels remain open, but in a reduced capacity.
In a statement to the ASX on Thursday, Star said the shutdown of casinos will have a “material impact on The Star’s operations.”
“Management is focused on implementing strategies to minimise impacts and conserve liquidity.
“These include materially lowering operating costs and reducing capital expenditure.
“The Star has taken a very difficult, but necessary decision in relation to its workforce.
“We are in the process of temporarily standing down more than 90 per cent of our approximately 9,000 employees. These stand downs include senior management.”
Employees who are stood down will be given two weeks of paid pandemic leave.
Staff will also be able to access any annual or long service leave they have accrued.
The Board and senior management will have their directors’ fees and salaries slashed with details of those arrangements to be finalised in coming days.
“The Star will continue to monitor developments in the coronavirus situation and the impacts on The Star’s business.
“At this time, we are unable to reliably advise of the impacts on financial performance due to the uncertain duration of the current circumstances.”
Star Gold Coast to host three poker events
This week, the World Poker Tour announced The Star Gold Coast in Australia will host not one, but three new WPT festivals.
World Casino Directory reported last month that the World Poker Tour will be returning to the region for the second time during the 18th season, hosting an event beginning in April.
The very next season, the festival will be back in action again, this time in September and then again in April 2021.
The Star Gold Coast is hosting the WPTDeepStacks Gold Coast from April 30 to May 4, offering a full schedule of gaming options.
This stop is part of the current season.
By the time the 19th season starts, the WPT will be back in Australia on September 24 to host the A$1000 WPT Deep Stack Australia.
This event will be followed by the WPT Australia Main Event on October 2.
Fast forward to 2021 and the season will be back at the Star with WPTDeepStacks from April 23 to May 3.
The Main Event of this stop has a A$1000 buy in.
The first time WPT headed to Australia was early in season 18, with plenty of poker action.
A total of 658 entries were seen, which created a A$1.48 million prize pool.
The event was won by Hari Varma, who took home $274,247.
The Star Gold Coast’s chief operating officer Jess Mellor commented on the new events by stating: “The Star Gold Coast and the nation of Australia warmly welcomes back the WPT for WPTDeepStacks Gold Coast and the rapidly approaching WPT Australia festival.