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Star Entertainment Australia gets $390M WhiteHawk deal
Australia’s Star Entertainment has announced that it has secured a $390 million commitment from WhiteHawk Capital Partners in an effort to give the operator liquidity to stabilize its balance sheet.
In late February 2026, the Star revealed that it had reached an in-principle refinancing agreement with the private credit investment manager, stating that a waiver for its financial covenants was due on December 31, 2025. According to the waiver, the company was required to provide a refinancing commitment letter by March 31, 2026, and conduct the refinancing by May 15, 2026, in order to avoid a default.
Through the agreement, WhiteHawk will fully refinance Star’s current group debt and give incremental liquidity to support daily operations. The three-year commitment includes a minimum liquidity covenant of $50 million for the first year, which will increase to $75 million between 12 and 18 months, and $100 million for the rest of the period.
Recently, Star has faced high debt rates and regulatory pressure after the company was found breaching compliance rules at its casinos, which led to fines, restrictions, and tighter supervision. As a result, the company was forced to get repeated covenant waivers from lenders and sell its assets to remain within its loan terms.
The Star stressed that it was working to complete the refinancing by no later than May 15, 2026.
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