It comes on the back of Star’s 2024 accounts that show a $1.7 billion loss for the 12 months to June 30, largely driven by a $1.4 billion write-down of its casinos.

The good news is that Star Entertainment’s various hotels could have a combined value of $1 billion, and its Gold Coast and Brisbane properties are worth much more than its Sydney casino.

For shareholders, taking a bet on Star has been like catching a falling knife.

But placing any kind of valuation on Star Entertainment or its Sydney property is a hazardous affair.

The company’s fortunes have been in freefall for four years.

When Macquarie penned that valuation 18 months ago, Star’s share price was sitting at around $1.20. Today its shares closed at 26¢.

In the heady days of 2020, before various damning inquiries on Star’s conduct placed its licences in regulatory purgatory, the share price sat at $4. That was also before Crown Sydney opened its doors, which ushered competition in the Sydney market.

It was also before the effects of the evaporation of the Asian high-roller market had become clear. And the cost of living crisis has inflicted a particular toll on all casinos over the past 18 months.

For shareholders, taking a bet on Star has been like catching a falling knife.

The fortunes of the group, and in particular the Sydney casino, now appear to be dictated by a group of bankers that are extracting their pound of flesh by lending to Star at exorbitant interest rates and with plenty of influence over the group’s strategy.

Even if, or when, Star gets a tick and is found to be suitable to hold casino licences, its financial challenges remain.

The costs of rehabilitation run into the hundreds of millions, as do the fines and potential legal settlement of the current class action.

The shape of this company will continue to change in the near to medium term, thanks to asset sales that have been forced on them to combat the current liquidity crisis.

The effects of new regulation, such as cashless betting across NSW and Queensland, won’t be fully understood until it is implemented across both states.

Attempting to value Star Entertainment, which is desperately attempting to cut $100 million in costs by early next year, is akin to a crap shoot.

While a valuation on Sydney of $8 million sounds extreme, it may not be so far from the pin.

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