Star Entertainment says Salter Brothers has scrapped $940m refinancing proposal

The news: Star Entertainment has confirmed that property funds manager Salter Brothers Capital has withdrawn its $940 million refinancing proposal for the embattled casino operator.

The context: Star noted that the move followed "extensive engagement" with Salter Brothers, as well as with relevant third parties including state governments and regulators.

The company concluded it was unlikely that "a number of conditions" relating to the proposal could be met.

Star said it is still unable to lodge its half-year financial report in the absence of an appropriate refinancing solution. The company is continuing to explore funding solutions that might materially increase the group's liquidity position in the medium term, it said, including engaging with US casino giant Bally's Corporation following a funding proposal tabled last month.