McCann has committed to cutting $100 million in costs over the next six months, including 350 job losses and the potential sale of some assets, such as its suite of hotels in Sydney, Brisbane and the Gold Coast.

The group is also facing regulatory challenges. On Friday, it is due to respond to a show cause notice from the NSW regulator as it decides whether Star Sydney should be able to keep operating its casino.

The Star is also bracing for a potential multimillion-dollar penalty from the financial crimes regulator, Austrac, pending the results of a three-week hearing next June.

The company recently conceded it did not pay enough tax in NSW following a review by the state’s liquor and gaming authority and awaits another potential penalty for that.

It also faces four class actions in the Supreme Court of Victoria on behalf of shareholders who allege The Star behaved in a misleading or deceptive way and breached its continuous disclosure obligations between 2016 and 2022 in relation to its extensive anti-money laundering and counterterrorism failings.