Australian gaming operator The Star Entertainment has released an update, confirming that it is ‘reviewing its financial and liquidity position with various advisors’ in preparation of the launch of its financial results for the January-June period.
This comes as the company has halted trading on the Australian Stock Exchange after the release of the second Bell inquiry into its suitability to maintain its casino licenses.
According to reports, the results were not supportive of the company’s aim to retain its casino license.
The group particularly notes that ‘The Company confirms that the advice being provided has extended, from time to time, to considering the application of provisions of the Corporations Act 2001 (Cth) (including the safe harbor provisions).’.
Australia’s safe harbor provisions basically isolate directors from individual liability if a restructuring fails.
The Star notes that it does not yet have a release date for its financial results, but that it will ‘provide a further update in respect of its financial and liquidity position in conjunction with the release of its FY24 preliminary financial report’.
Upon release of the financial results, the company will resume trading on the ASX.
