Meanwhile, the company has provisioned $150 million for potential fines from AUSTRAC following breaches of anti-money laundering laws, according to reporting by The Australian. Just last week, the company reported spending $107 million maintaining its current operations in the three months to December 2024. Put simply, the casino giant isn't in the best financial shape right now.
In a possible blow to these asset sale hopes, it has been reported that an Australian company that was lined up to buy the leasehold of the Treasury Hotel in Brisbane has pulled out in recent times. Coincidentally, another significant shareholder in E-Commerce is PAG – a major Asian investment company that is the largest shareholder in troubled Australian airline Rex. He does share the name with a businessman who is the majority shareholder in a Hong Kong-listed company, E-Commodities Holdings, which trades in commodities, including coal and oil. Unless Wang has been given regulatory approval to move beyond 10 per cent of the casino group (and there is no suggestion he has), he can’t contribute to a recapitalisation of the company. If he had been part of any rescue package he would be a lender.