#StarEntertainment hashtag - Bluesky

Australia’s Star Entertainment in a tussle with lenders over debt waivers (Reuters) -Australia’s Star Entertainment said on Wednesday it is in discussions with its lenders to secure potential waivers on loan covenants, though the terms offered by the lenders so far were unacceptable to the casino operator. This is the latest challenge to Star, which has been under a severe debt crisis and faces regulatory scrutiny. Star said it will defer its unaudited full-year financial accounts by a day to Friday, August 29. In February, the cash-strapped casino operator delayed issuing its half-year accounts pending bailout offers. The waivers are for the periods ended September 30 and December 31 this year, Star said in a statement. The company did not provide further details on the debt waivers. The Australian Financial Review had reported that the waivers were necessary for Star to publish its results by Friday. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. That's one option, but what if there are better opportunities hiding in plain sight? Investing.com's ProPicks AI has identified growth stocks that often get overlooked by individual investors. Compare your choice against our global range of AI-selected picks - with 3 out of 4 beating their benchmark index year to date and 98% in the green. Get fresh new picks every month, now available at 50% off while our Summer Sale lasts. Hurry, offer ends soon!

7 months ago

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Star Entertainment shares surge 35% on asset sale to Hong Kong investors Investing.com-- Shares in Australia’s Star Entertainment Group (ASX:SGR) soared 35% on Tuesday after the casino operator revived a deal to sell a 50% stake in its Brisbane assets to a Hong Kong-based consortium. The binding agreement with Hong Kong-based partners Chow Tai Fook Enterprises (HK:1929) and Far East Consortium (HK:0035), will see Star exit the Queen’s Wharf Brisbane Integrated Resort and consolidate its Gold Coast holdings. The deal includes an A$53 million ($34.5 million) cash payment and transfers of hotel interests, while releasing Star from 50% of parent company debt guarantees due December 2025. Sydney-listed shares of the company surged as much as 35% to A$0.12 on Tuesday. The transaction, split into two stages, is expected to be completed by November 2025 for Brisbane and mid-2026 for Gold Coast assets. Investors cheered the resolution after earlier negotiations collapsed in August. The company had warned that it could collapse due to tighter rules, fewer tourists, and higher living costs.

7 months ago

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7 months ago

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Australia’s Star Entertainment appoints interim CEO for Gold Coast casino Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

9 months ago

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Star Entertainment swings to third-quarter loss as storms, weak demand hit casinos Blog Mobile Portfolio Widgets About Us Advertise Help & Support Authors Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

11 months ago

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iGB

@igamingbusiness.bsky.social

11 months ago

Star's long-delayed 1H25 report shows AU$302 million loss but Bally's deal offers new hope Star Entertainment has lodged its 1H25 financials after much delay, and the company reported a AU$302 million loss for the period.

#StarEntertainment posts AU$302M loss in long-delayed 1H25 report, but #Bally’s deal offers lifeline bit.ly/4imFJ2V

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11 months ago

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11 months ago

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Bally’s swooped for Star after Australian casino group’s fire sale, chairman says SYDNEY (Reuters) - Bally’s Corp considered waiting for Star Entertainment to enter voluntary administration before investing but feared the Australian casino group would have been too hard to rescue, the U.S gaming firm’s chairman, Soo Kim, told Reuters. Rhode Island-based Bally’s and the Mathieson family - Star’s largest investor - engineered a A$300 million ($188 million) rescue package, handing over the first A$100 million last week. The initial funds will keep Star afloat for 15 months while seeking regulatory approval for the full investment, Kim said. Australia’s second-largest casino operator behind Crown Resorts, which is controlled by Blackstone (NYSE:BX), has been struggling to stay afloat amid a growing debt crisis and regulatory investigations over the past two years. The rescue deal consists of multi-tranche convertible notes and subordinated debt instruments, Star said in an Australian Securities Exchange filing last week. Once the notes are converted, Bally’s and the Mathieson family will control around 56% of Star’s issued capital. "This came together quickly this year but we had been looking at it for well over a year. When we saw the company start to sell their proverbial furniture, burn the furniture for firewood we decided to move," Kim said in a telephone interview. "We thought about waiting for voluntary administration but we thought, given there was a fire sale of assets, there might not be anything left if administration was to come." Star did not respond to a request for comment. The firm had only one week’s cash to remain operational, the Australian Financial Review reported, when it first engaged with Bally’s after the latter’s initial bid in March. Star said last month it would sell half of its A$3.6 billion Queen’s Wharf project in Brisbane to Hong Kong companies Far East Consortium International and Chow Tai Fook Enterprises for just A$53 million. It has also sold a theatre attached to its main casino in inner-city Sydney. Its deal with Bally’s will see the U.S. group assume control should shareholders approve at a meeting in mid June. Star’s board has recommended shareholders vote in favour in the absence of a superior offer. Bally’s has applied to New South Wales and Queensland governments and regulators for authorities’ approval, Kim said. A spokesperson for Queensland’s attorney-general said the state is working with New South Wales counterparts on probity and suitability investigations as part of the approval process. Kim will join Star’s board as an observer while the deal awaits regulatory and investor approval. He said Bally’s planned to re-focus Star on catering to Australian gaming customers rather than trying to attract overseas high-rollers. "Gaming is a strange business, as good as it is fundamentally, gaming companies get in trouble all the time," said Kim, whose firm operates 19 casinos across 11 U.S. states and one British asset, according to its website. "For Star to end up near bankruptcy is not uncommon for the industry, it’s a small universe and we are one of the few players who specialise in turnaround casinos, so you can make an assumption that when a casino is in trouble we are shown that opportunity." ($1 = 1.5898 Australian dollars)

11 months ago

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11 months ago

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Australia’s Star Entertainment agrees to $300 mln Bally’s lifeline- AFR Investing.com-- Star Entertainment Group’s (ASX:SGR) board agreed to a $300 million lifeline led by Bally’s Corporation, the Australian Financial Review reported on Monday, with the struggling casino operator expected to see some relief from the increased funding. Bally’s will invest about $250 million in Star, while its largest shareholder, billionaire Brude Mathieson, will inject over $50 million, the AFR report said, citing three sources with knowledge of the matter. Star’s board and its lenders agreed to the deal over the weekend, with the casino operator expected to receive some of the new funding by as soon as this week. Several reports had shown Bally’s interest in Star earlier this year. The new deal is expected to offer the casino operator a lifeline, as it struggles with dwindling cash reserves in the aftermath of a growing debt crisis and a series of damning regulatory investigations. Star’s shares remained suspended on the ASX, with the company having recently flagged a “material uncertainty” over its ability to continue as a going concern. Should you invest $2,000 in SGR right now? ProPicks AI are 6 model portfolios created by Investing.com which identify the best stocks for investors to buy now. The stocks that made the cut could produce monster returns in the coming years. Is SGR one of them?

11 months ago

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Star Entertainment fails to secure refinancing amid liquidity woes Investing.com-- Australia’s Star Entertainment Group Ltd (ASX:SGR) said on Wednesday that it has failed to secure a new debt package after extensive negotiations with Salter Brothers Capital fell through, deepening concerns over its financial stability. The embattled casino operator had been seeking a refinancing proposal that would have allowed it to address its existing debt obligations. However, after prolonged discussions with Salter Brothers and various stakeholders, the company was unable to meet key lender conditions, particularly around security arrangements for non-gaming assets. As a result, the refinancing proposal was withdrawn. The failure to secure new funding raises fresh concerns about Star’s liquidity, with the company warning of "material uncertainty" over its ability to continue as a going concern. The group has also been unable to file its half-year financial report for the period ending December 31, 2024, leading to the suspension of its shares from trading. Star said it is continuing to explore alternative liquidity solutions, including ongoing discussions with Bally’s Corporation following a proposal received last month.

1 year ago

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LindsayBKK 🇹🇭

@lindsaybkk.bsky.social

1 year ago

JP Morgan Chase exits Australia's Star Entertainment The investment banker's stake in Star Entertainment had reflected 5.09% of the company's voting power, according to the gambling group's exchange filing on Friday.

#JPMorganChase exits #Australia's #StarEntertainment
Deccan Herald
www.deccanherald.com//business/co...

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3 years ago

'ASIC charging the entire board of #StarEntertainment with breaching their directors’ duties last week will have sent seismic tremors through Australia’s professional company director set, the highest-paid casual labour force in the nation' - Joe...

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3 years ago

'ASIC charging the entire board of #StarEntertainment with breaching their directors’ duties last week will have sent seismic tremors through Australia’s professional company director set, the highest-paid casual labour force in the nation' - Joe...

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4 years ago

'..#StarEntertainment has been enabling suspected #MoneyLaundering, organised crime, large-scale #fraud and foreign interference within its Australian casinos for years, even though its board was warned its anti-money-laundering controls were...

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