Star shares dive over 40% after trading suspension lifted
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The news: Shares in Star Entertainment plunged at market open on the ASX after emerging from a trading suspension that has been in place since 2 September.
The numbers: Star shares were down 43.3% to 25.5 cents by 10:30am AEST. It has now lost over half its market value since the start of 2024.
The context: The Star's shares have been suspended from trading on the ASX since 2 September, after the company failed to lodge its full-year results last month.
The casino regulator released the delayed results on Thursday, reporting a statutory loss after tax of $1.69 billion. Significant items of $1.7 billion during the period included a non-cash impairment charge of $1.44 billion.
The Star said trading performance deteriorated over the second half of FY24, and the trend has continued into the start of FY25.
On Wednesday, the company confirmed that its existing $450 million debt facility has been reduced to $334 million, while lenders have agreed to provide a new facility of up to $200 million.
The Star is later today expected to respond to the NSW casino regulator's 'show cause' notice, relating to matters arising from Adam Bell's second report, published last month, which followed a months-long inquiry into the Star's suitability to hold a NSW casino licence.
