Star City will unveil its plan today to turn the ugly duckling of Australian casinos into a harbour-front entertainment and gaming complex worthy of global attention. The 13-year-old complex, which was built with its rear to harbour, will be turned around as part of a proposed AUD 475 million makeover. "For the first time, Star City will be facing the harbour and the city, and that will give us an advantage that no other casino in the world can match..."

Melbourne (Reuters) - Tabcorp Holdings Ltd, Australia's top gaming group, reported an annual net loss reflecting the loss of its Victorian slot machine duopoly and a surprise write down on the value of its wagering business. However it reported a flat profit before one-offs, slightly ahead of broker forecasts, and said it would hold its dividend steady, even though gamblers were tightening their belts in the face of higher interest rates, grocery and petrol bills.

A name change for Star City Casino is on the cards as part of a [[AUD]] 400 million upgrade. Gambling giant Tabcorp wants to sex up the image of its casino - dubbed the Pyrmont Workers Club - in the face of a challenges from the Asian gaming boom in Macau, Hong Kong and Singapore. And it wants to win over domestic tourists, who are known to favour the swankier Packer-owned Crown Casino in Melbourne, with its mix of high class and family entertainment, shopping and dining facilities.

Tabcorp Holdings Ltd will spend more than the AUD 300 million originally planned for the expansion and refurbishment of its Star City casino in Sydney, after reporting a dip in underlying profit. The gaming company's reported first half net profit was AUD 273.4 million - up 22 per cent. But normalised net profit before non-recurring items was down 3.1 per cent to AUD 261.9 million, crimped by the impact of equine influenza (EI) and smoking bans in New South Wales.