Star Entertainment finally releases financial report
After a long delay, Star Entertainment released its half-year financial report for the period ending 31 December 2024, confirming a net loss of A$302 million and highlighting...
Star nears collapse after rescue deal withdrawal
Australian gambling operator Star Entertainment is once again facing financial trouble after Salter Brothers Capital’s refinancing deal withdrawal.
For many years, Star has operated casinos in Sydney, Brisbane, and the Gold Coast. However, regulatory investigations into money laundering and organized crime have seriously damaged the company’s reputation.
The $750 million funding was expected to provide much-needed stability, but with its withdrawal, Star now considers an offer from Bally’s Corporation. The gaming giant has proposed a $250 million deal that would give it majority control of Star.
In a statement to the ASX, Star admitted:
“The Star has continued to work diligently with Salter Brothers Capital in relation to the refinancing proposal but has not received a binding debt commitment letter, and the refinancing proposal has now been withdrawn.”
Recently, the Star attempted to stabilize by selling its stake in Brisbane’s Queen’s Wharf casino while taking full ownership of its Gold Coast precinct.
According to experts, Star is unlikely to shut down completely but could enter voluntary administration to restructure its finances. While its 9,000 employees may not face immediate job losses, uncertainties remain.
Star set to sign $300M lifeline deal on April 7
Australian gambling operator Star Entertainment is about to sign a $300 million rescue deal with US-based casino giant Bally’s Corporation.
According to the Australian...
