Star Entertainment posts $21m loss, targets Bally's buyout by June
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The news: Casino operator Star Entertainment reported an EBITDA loss of $21 million in the three months to March, escalating from $8 million in the previous quarter.
The numbers: Third-quarter revenue fell 9% quarter over quarter to $271 million, reflecting seasonal trading softness, reduced levels of gaming visitation and the one-off impact of adverse weather events causing property closures in Queensland, the company said.
Star said it held $44 million in available cash at 31 March, compared to $78 million three months earlier.
The context: The group reiterated previous warnings that there remains "material uncertainty regarding the group's ability to continue as a going concern".
It said it is focused on implementing the $300 million strategic investment by Bally's Corporation and Investment Holdings, targeting a shareholder meeting for late June.
Star is also progressing the exit of its equity interest in the Queen's Wharf Brisbane project, targeting completion of the transaction by the end of June.
The source: ASX
