Embattled casino giant Star Entertainment has abandoned its slot in The Everest amid ongoing concerns about the company’s viability.
Idol Horse can reveal the gambling behemoth, which was one of the inaugural slot-holders in 2017 for the world’s richest turf race, has told Racing NSW of its plans to return the $700,000-a-year slot for this year’s sprint.
It is a major development six months out from the next running of The Everest, with the 12 slots long being safely held by various companies such as Australian bookmaking giant Tabcorp, auction house Inglis, the Australian Turf Club and global breeding giants Coolmore, Yulong and Godolphin.
Slot-holders were initially asked to pay $600,000 a year for the privilege of choosing a horse and striking a deal with its owners to contest The Everest, which had prize money of $10 million upon inception.
The price of a slot has now risen to $700,000, but stakes for the race have catapulted to $20 million, with many industry experts tipping the value of a slot to exceed its current price.
The Star has recently been in partnership with Arrowfield Stud for its slot, but have yet to find a horse capable of winning The Everest.
Its representative last year, I Am Me, finished 10th of 11 starters (Traffic Warden was scratched at the barriers).
It’s understood Arrowfield hasn’t stood in the way of The Star’s plans to return the slot.
A Racing NSW spokesperson confirmed to Idol Horse they were mulling the next steps to find a new slot-holder to take over from The Star.
Star Entertainment has been on the brink of collapse in recent months, desperately seeking emergency funding from investment specialists and private equity sources to stay afloat after being investigated by AUSTRAC for money laundering practices.
In an announcement to the Australian Stock Exchange on Wednesday, Star admitted it had failed to secure A$940 million in funding from Salter Brothers, an investment company, which would have secured the business’ immediate survival.
The forfeiting of the slot is expected to create a scramble from cashed-up businesses and owners who have long sought to be a part of the Australian racing phenomenon.
Hong Kong superstar Ka Ying Rising is a dominant favourite with all Australian bookmakers for The Everest, which has yet to be won by an overseas-trained galloper.
Multiple sources have confirmed to Idol Horse that the Hong Kong Jockey Club is handling negotiations on behalf of Ka Ying Rising’s connections.
Jockey Club CEO Winfried Engelbrecht-Bresges will attend Day 2 of The Championships at Randwick on April 12.
The Everest became a World Pool race in 2023. Last year’s meeting, which was combined with Caulfield Cup Day and British Champions Day, remains the biggest single World Pool card for turnover globally at HK$424.1 million (A$86.55 million).
When contacted by Idol Horse, Ka Ying Rising’s trainer David Hayes said he was happy to focus on his horse’s next start in the G1 Chairman’s Sprint Prize at Sha Tin on April 27.
“I am concentrating on winning the big race on Champions Day,” Hayes said.
Ka Ying Rising’s easy win in the G2 Sprint Cup last Sunday was the horse’s 11th straight victory.
Hayes prepared Vega Magic to be runner-up behind Redzel in the first running of The Everest ∎
