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 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 entertainment company, Star Entertainment Group Limited, has been facing serious challenges, including its Sydney Casino license and trading suspension.
Moreover, Star Entertainment also failed to submit its annual report by the deadline of August 31 and, earlier this month, announced that very soon the report would be shared with the public.
After many delays, the company shared its financial report revenue of $1.678bn and EBITDA of $175m, which aligns with previously announced earnings guidance. The report comes after the company’s announcement about a vital $200 million debt package from its corporate leaders.
Steve McCann, The Star Group CEO, commented:
“There are a number of significant challenges currently facing the business from an earnings, liquidity, and balance sheet perspective. We recognise and appreciate the support provided to date by our stakeholders as The Star puts in place a new management team and strategy to implement a remediation and transformation programme and return the company to a more sustainable footing. We have identified a range of initiatives to improve business performance and cashflow, as well as providing the organisation with additional liquidity. However, time and flexibility is required to implement these initiatives.”
The financial report also shows that the company faces “significant near-term liquidity requirements.”
The board and management team emphasized their commitment to proving the Star Entertainment Group’s worth to restore its casino licenses by regaining the trust of regulators and the public.
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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...
