Star Entertainment submitted a response to NICC
The Star Entertainment Group has officially confirmed that it has submitted its response to the show cause notice issued by the New South Wales Independent Casino Commission...
Star Entertainment secures vital $200M debt package
After securing an AU $200m debt package, the Star Entertainment Group announced the postponement of the release of its annual results.
The Star Entertainment Group Limited is an Australian gambling and entertainment company, founded in 2011. The company has casinos in Sydney, Brisbane, and the Gold Coast.
Recently, the Group has been facing several issues, including its Sydney Casino’s license and trading suspension. The Group has also failed to submit its annual report by the deadline of August 31.
Financial lifeline
The Star has secured a vital financial lifeline with a new facility of up to $200 million from its corporate lenders. This aims to help the casino group to cope with ongoing financial difficulties. The existing $450 million facility will be reduced to $334 million, improving cash flow management.
The financing will be disbursed in two phases, starting with an immediate $100 million to cover rising costs for the new Queens Wharf resort in Brisbane.
The first funding is expected to be available between late October and December 20, based on certain conditions. However, the second funding will have stricter requirements, including the need for The Star to raise at least $150 million in additional capital and provide a detailed long-term strategy, reflecting the increased expectations from its lenders and stakeholders.
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Star Entertainment sees significant net loss of $1.7bn
After many delays, the Star Entertainment Group released its FY24 report, highlighting the significant net loss of AU$1.685bn.Recently, an Australian gambling and...
