Good morning. The Star is attempting to pull itself out of a deep hole, seeking financing of some $545 million after recording a half-year loss of $861 million. The equity injection is expected to come from US firm Oaktree, extending a lifeline to a firm battling both institutional and civil lawsuits. Meanwhile, the Hong Kong Jockey Club is reeling after its soccer betting tax was increased. And US-based Caesars is in high spirits after seeing record-breaking EBITDA in the fourth quarter.
What you need to know
- The Star is seeking urgent financing after seeing a half-year loss of $861 million, reportedly talking to Oaktree to raise $545 million in equity.
- Hong Kong’s monopoly sports betting operator is facing an additional $1.53 billion in soccer betting tax, spread over a five-year period.
- Caesars Entertainment saw a record-breaking fourth quarter, with EBITDA shooting up to $957 million.
On the radar
- International Entertainment narrows 2H22 loss by 95 percent.
- Junket investor Rich Goldman expecting 2H22 loss of $2.29 million.
- PH sports betting firm opens flagship outlet at Newport World Resorts.
- Singapore expects to restore flights to China to pre-Covid-19 levels.
AGB Intelligence
AUSTRALIA
The Star sees $861 million loss, seeks financing
The Star has recorded an $861 million loss in the six months ended December 31st, prompting the firm to seek a capital injection of some $545 million, reportedly from US-based firm Oaktree Capital. The loss comes despite a 579 percent yearly rise in EBITDA and revenue topping $690 million.
Industry Updates
- MGM Resorts becomes first gaming company to sign CEO Water Mandate.
- Bragg Gaming grows Switzerland market reach with Swiss casinos.
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