The Star to slash jobs as high rollers stop spending
Star Entertainment’s share price has crashed as customers stop spending big.
The casino giant’s share price dropped 15.7 per cent in a day where the stock market jumped by almost 1.5 per cent.
Star Entertainment CEO Matt Bekier tells Ross Greenwood people just aren’t spending big money anymore.
“We’re doing a good job in taking market share and winning accounts, but the consumer is tough.
“We’re seeing good visitation to our properties, but the customer is just not spending as much as they used to.”
He says the company already had plans for a restructure, but they will now have to implement the job cuts sooner than originally planned.
“That will affect mostly non-customer facing roles, and we’re looking at about 300 to 400 roles.
“We would’ve done it anyway, but we would’ve done it more gradually.”
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