Star Entertainment says talks continuing with lenders
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The news: Star Entertainment Group says it is not yet in a position to finalise accounts for the 2024 financial year as talks continue with advisers, lenders and state governments regarding its financial position.
The numbers: The company, which holds a $350 million debt facility, has been seeking additional funding from lenders as it looks to shore up its financial position, according to media reports.
The context: In a statement late on Wednesday, Star said it is continuing to work with advisors and stakeholders regarding its financial position, and its shares will remain suspended until it is able to finalise its preliminary financial accounts.
The company announced the sale of its Treasury Casino property in Brisbane last week as it scrambles for fresh financing to manage cost blowouts at its new Queen’s Wharf development.
The embattled casino operator put its shares in a trading halt last month after a months-long inquiry found it breached compliance rules between September 2022 and July 2024 and concluded it remained unsuitable to operate its flagship Sydney casino.
Star shares, which have lost more than 50% of their value over the last 12 months amid a shrinking premium gaming market and regulatory troubles, were suspended from the ASX after the company failed to lodge its full-year financial report last month.
The sources: ASX announcement, AFR, The Australian
