Times are hard over at The Star Casino in Sydney Australia, for it appears high rollers have chosen to avoid that casino and are taking their gaming action elsewhere.
That has resulted in an estimated 31% drop in profits for the six months to June of this year compared to the same time period of last year, and that in monetary terms is a loss of income of a whopping $18 million.
As soon as any company starts to suffer from a downturn in its business, as sure as night follows day there will be job losses announced by those companies, and it now looks like some 400 jobs will be lost at that casino.
That is a very large percentage of the total number of staff members employed by The Star Casino, and many investors are worried that the downturn in income is one that could also affect the huge new Barangaroo Sydney casino that is expected to open in 2021.
As for the likely reasons as to why high rolling gamblers are avoiding The Star, well it isn’t as if they have a huge number of competitors in and around Sydney that could be luring players away from their venue, and it is much more likely to be the case that the number of high rollers in general are dropping.
Whether the Star Casino can turn things around does remain to be seen, but one thing is certain, the company cannot continue to see its income and profits dropping by a similar amount moving forward.
