Aussie casino operator is giving up its $300 million payout after its baccara payout was reduced to $150 million.
Kurkdan Baccarat announced the payout reduction after it found out the Australian Government had imposed an offshore tax of up to $15 million on the payout, resulting in it being reduced by $150m.
“This is not good news for us,” said Mr Baccara, who had been due to receive the payout as a bonus.
“We have been working hard for many years to get to this point and we have been really hard at work on our return to the Australian market.”
The company was founded in 2005 by Mr Bacarra and his wife, Michelle, and was later bought by the company that owns it.
The company says it is now able to repay the $150-million debt to the Commonwealth of Australia, but that may not be enough to cover the $300-million payout.
“If you think about it, it is going to be a little bit of a shock for some people to get that money back,” Mr Bacca said.
“I have been a very good businessman for many, many years and I have always had a very strong reputation in the industry.”