Queensland Lawmakers Contemplate Revisions to Gaming Regulations
The Queensland government is working on introducing new regulations to monitor gambling activities more closely. This plan is based on The Casino Control and Other Legislation Amendment Bill 2023, which incorporates the suggestions made during the thorough examination of Star Entertainment's activities in Queensland.
In Queensland, Australia, there is a well-known casino known as The Star Casino. Due to the lack of adherence to gaming and financial rules in the nation, the state is implementing new laws to regulate casino operations more strictly.
Now, the bill is being reviewed in Parliament.
The new legislation includes several measures such as compulsory carded playing within Queensland casinos and limitations on using cash. Additionally, it will make it possible to implement compulsory pre-commitment with binding spending limits and breaks during the gameplay.
Casinos under Star Entertainment operate in Queensland, including The Reef in Cairns and The Ville in Townsville. One of their casinos, the Treasury Brisbane, will close once it completes its expansion and opens a new casino at Queen's Wharf.
Star Stock Crashes
This unexpected move by the government caused shockwaves in the investor community, mainly affecting Star Entertainment. Although these efforts aim to reinforce fairness and integrity in casinos, shareholders appear unconvinced. These concerns have led to a significant drop in the company's stock price.
Following the announcement of these regulatory changes, Star Entertainment's stock on the Australian Securities Exchange reached a record low. As of Thursday morning, the stock's price had fallen to AU$0.60 (US$0.38). This is a drastic decline from the AU$1.55 (US$0.98) it was valued at on the first day of 2023.
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Source: www.casino.org
