When The Star relinquished its slot in The Everest earlier this year, the casino group’s cash reserves were a month-to-month, if not a week-to-week proposition.
The Star’s chief executive Steve McCann, a prominent owner-breeder and shareholder in Vinery Stud, was working day and night scouring the globe for a financial lifeline that would help secure the company’s immediate and longer-term future.
The $700,000 annual slotholder fee to participate in the $20 million The Everest, even with the cost shared by Arrowfield Stud for the past four years, could not be justified as the operator of casinos in Sydney, the Gold Coast and Brisbane battled for survival.
This post is for our free members
Thanks for your interest in The Straight. It looks like you are trying to access a free members article via an in-app browser on X, Facebook or LinkedIn. For the best experience, and instant access, sign on via the Social Sign In links below. You should only need to do this once.
If you wish to access or create an email-based account, please provide your email below. You will receive a link to click by email which will then open in your device’s native browser.
