Good morning. A friend in need is a friend indeed. The Star is using all of its connections to urgently restructure its finances, with lenders now offering the company a lifeline, however with conditions. Current hopes are to raise up to $236 million in time for upcoming deadlines. Meanwhile, in Macau gross gaming revenue was tracking down in September, causing forecast revisions. However, Golden Week next month is still looking strong – both for hotels and gaming spend, even though consumer sentiment in mainland China is low.
What you need to know
- The Star Entertainment Group poised to receive a financial lifeline from its lenders that could reach up to $236 million.
- Macau’s GGR declines in September, tracking below seasonality, with brokerages revising outlooks amid weaker volumes.
- Macau hotels show stability for October Golden Week amid China’s consumer softness, with ADR and occupancy holding steady year-on-year.
On the radar
- Macau operators intensify efforts to capture market share, Galaxy leading.
- PH Senate to investigate banks’ POGO suspicious transactions.
- Philippine Senate intensifies probe into POGOs as key witness/evidence in focus.
- Freed Cambodian union leader to continue strike against NagaWorld.
- Tourism sector advocates for adjustments to Thailand’s casino plan.
- Thai Boxing star busted for gambling promotions on Facebook.
- Cambodia and Laos strengthen cooperation for border security and stability.
- Philippines to hold job fair for displaced POGO workers in October.
AGB Intelligence
AUSTRALIA
Star Entertainment receives potential lifeline from lenders
Australian casino operator The Star continues its efforts to stay afloat, with a new lifeline being offered by lenders. The group is hoping to raise up to $236 million via different financing packages, part of which is conditional on raising more capital. But the group is in a race against time, as it needs to prove its soundness before upcoming deadlines and promises to both authorities and shareholders.
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