[1/3] Visitors participate in a game at Sydney's Star Casino, February 15, 2016. REUTERS/Jason Reed
Dec 19 (Reuters) – Shares in Australia's Star Entertainment Group tumbled nearly 12% on Monday, after the New South Wales (NSW) government proposed to raise taxes on casino poker machine operators in the state from July next year.
The potential gaming tax changes, which will affect Star's operations in Sydney – which made up half its revenue in the fiscal 2022, according to its annual report – could raise an additional A$364 million ($243.63 million) over the next three years, if implemented.
The NSW Treasurer Matt Kean said on Saturday the money raised will be used to help fund vital services like helping communities recover from impacts of COVID-19, bushfires and floods.
The move comes amid increased efforts to reform Australia's gambling industry which has been roiled in damning reports of sidestepping anti-money-laundering rules, dysfunctional governance and poor corporate culture.
Star Entertainment Group said in a statement on Monday it had not been consulted by the NSW government on the matter, adding it is "seeking to urgently engage with the NSW government as to the sustainability of the proposed tax changes and the impact on The Star's business".
Shares hit their lowest since April 23, 2020.
($1 = 1.4941 Australian dollars)
Our Standards: The Thomson Reuters Trust Principles.
Shares of Tesla Inc fell nearly 6% on Tuesday after a string of brokerages cut their price targets on the electric-vehicle maker's stock, citing the risk from Elon Musk's Twitter distraction.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
- Latest
- Trending
