Australian gaming operator The Star Entertainment Group has announced that it is still in discussions with ‘State governments, regulators and the Company’s lenders’ as it attempts to resolve its ‘financial position’.
The announcement on Wednesday follows multiple company announcements about the delay in the publishing of its preliminary financial results for its fiscal year ended June 30th, 2024.
The company’s trading on the Australian Securities Exchange (ASX) has been halted since the release of the results of the Bell Two inquiry into its suitability to hold a casino license in Sydney.
Multiple media reports have called into question the group’s ‘financial and liquidity position and the implications’ of the Bell Two inquiry.
The company on September 4th indicated that advice being provided also includes safe harbor provisions, isolating the directors from individual liability if a restructuring fails.
After releasing the results, the group is again expected to resume trading on the ASX.
The Star’s issues have not caused it to slow down in its efforts, however, opening Queen’s Wharf Brisbane in late August, selling its Treasury Brisbane Casino for $45.5 million in early September and days later appointing former Crown Resorts COO Mark Mackay as its CEO for The Star Gold Coast.
It also saw a recent windfall when courts ordered a Singaporean punter to pay over $25.3 million in gambling debts back to The Star Gold Coast casino.
Much remains to be seen as to what the company can do to pull through this extended rough patch.
