While no new taxes are coming right away, it hasn’t been all good news for Star or for Australia in general. The company was negotiating the sale of its Treasury Casino and Hotel Brisbane in Queensland in a lease-back deal, But that has fallen through.<\/p>\n
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The arrangement was initially for AU$248 million (US$169 million) when it was put on the table in October 2021. The buyer was to be the investment management firm Charter Hall, which called off the deal because certain unspecified conditions had “not been satisfied.”<\/p>\n<\/div>\n
There’s potentially more bad news coming if Mookhey’s assessment of the economy is correct. He said in a speech before Parliament on Tuesday that NSW faces “severe challenges” because of a slowing economy and rising interest rates.<\/p>\n
He added that the new government is trying to overcome an additional AU$33 billion (US$22.36 billion) in spending requirements the previous government added to the budget. Much of this was to cover the cost of the COVID-19 pandemic.<\/p>\n
Australia has six states and two territories, with NSW being a major contributor to the country’s economy. Currently, it accounts for around one-third of the entire economy.<\/strong><\/p>\nNSW casino operators have won some time before a tax hike, but it won’t last. Mookhey said the government will take another look after the legislative winter break at the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Australian state of New South Wales (NSW) has transitioned to a new government following a recent election. This has signaled a number of changes for the gaming industry that might not all be welcome. For now, casinos are more than happy to receive the news that their tax rates aren’t going to change. Last […]<\/p>\n","protected":false},"author":64,"featured_media":278249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,33810],"tags":[81985,13363,83007],"acf":[],"yoast_head":"\n
Casino Tax Hike Blocked by New Government in New South Wales - Casino.org<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n