The Star Entertainment has announced the successful execution of long-form documentation for a new debt facility totaling AU$200 million ($129.2 million).
The new facility consists of two tranches, each valued at AU$100 million ($65.1 million). The company is currently collaborating with its lenders to meet the conditions precedent necessary for drawing down the first tranche, which will be available until December 20th, 2024.
Additionally, The Star has confirmed that its lenders have granted a covenant waiver that will apply to the upcoming quarterly testing date on December 31st, 2024. This waiver provides the company with added flexibility as it navigates its financial commitments.
The Australian gaming operator fell to negative EBITDA in its first financial quarter, ending September 30th, amongst a ‘challenging operating environment and the continued implementation of mandatory carded play and cash limits’.

During the quarter, the operator managed to increase its available cash to AU$149 million ($98 million) – up from AU$130 million ($85.5 million) on August 31st, boosted by net proceeds of AU$60.4 million ($39.72 million) from the sale of the Treasury Brisbane Casino building, which it received on September 27th.
The new debt facility had long been hoped for by the company, helping it secure an additional lifeline following a prolonged period of financial uncertainty.