Trouble continues as Star Entertainment burns through cash

The distressed Star Entertainment will pay up to $10 million to a US hedge fund for a debt facility that was never used, or signed-off on. It notes that the Spinstralia high roller casino end of this range is based on the implementation of NSW best Aussie casino security rating 2026 duty rate increases as proposed by the NSW Government, whereas the low end of the range assumes no change in NSW Casino withdrawal methods duty rates. In light of this, Star expects to report underlying EBITDA of $195 million to $205 million during the first half. Though, it is worth noting that this excludes provisions for fines and one-off legal costs which will be treated as significant items. But with declining financials, it is becoming difficult for Star to meet the conditions to unlock any of these potential funds. According to separate reporting from The Aus, Star also needs to secure another $1.6 billion to refinance its Queen’s Wharf facility in Brisbane.
Australia generates about 500,000 tonnes of e-waste annually, according to the latest available data from the federal government’s national waste report. J.P. Morgan’s veteran health analyst David Low said the key positive was much higher than expected revenues, beating both his and the market consensus by 10%. In morning trade, Ansell shares were up 6.4% to $37.15, a level not seen since September 2021. “In the meantime, both the company and Mr O loyalty program White have been operating broadly in accordance with what was announced,” the statement concluded.
A Queensland government spokesperson said the deal between Star and its joint venture partners — Chow Tai Fook Enterprises (CTFE) and Far East Consortium — was not yet finalised. In March, in a bid to stave off insolvency, Star agreed to sell its 50 per cent stake in Queen’s Wharf to its joint venture partners. The deal would see Star give up assets, including its 50 per cent stake in the $3.6 billion Queen’s Wharf best Australian casino Skrill complex, and the Treasury car park and hotel. Eligible shareholders who wished to sell their shares under the Voluntary Share Sale Facility were required to return a Sale Instruction Form by the Closing Date. Payment of the sale proceeds were made to participating shareholders on 27 May 2016 in accordance with their payment instructions as recorded on the share register. Even for those who identify as LGBTQI+, we can still be allies for others within the community.
There are several other one-off costs in the horizon, with the securing of additional debt and material improvements in operating conditions being necessary to fund these obligations. We anticipate medium-term recovery in the operating conditions for casinos, but Star is in need of an immediate solution. The “ongoing financial and liquidity challenges” have led Star and its directors to seek external advice on operating under safe harbour provisions.
In other tariff news, US President Donald Trump over the weekend paused a repeal of an exemption that allows low-value parcels to enter the country duty-free. Dr Higgins said the board was “well aware” Star was engaging with junket operators and “knew junkets in Asia had links to organised crime”. If rates do fall for the first time since 2020, borrowers could save significant amounts on monthly home loan repayments. In the tariff space, steelmaker Bluescope gained 1.8% thanks to its big US manufacturing business, while US-based Alcoa’s depository notes fell 0.1%. WiseTech Global fell 4.4% on a fresh set of allegations raised against Richard White, its F&FCEO (Founder and Former CEO, as the company now refers to him in official correspondence.
The Queensland Government has deferred the final decision on this until June this year. Star further advised it expects to be sitting on a cash balance of just casino live dealer review $79 million when it reports its half-year results next month, down from $149 million at the end of September 2024. Red screens spark fear, but the bigger picture and history tells investors to look beyond the moment. A win would put directors on notice that risk governance is a serious matter and they need to do more to earn their substantial fees. However, Chant West senior investment research manager Mano Mohankumar says most funds delivered returns to their members that beat widely accepted benchmarks. Grattan’s modelling shows that Australians who draw down their super at the minimum rate when they retire will leave the equivalent of 65 per cent of their original super balance unspent by the age of 92. It found that half of those using account-based pensions draw their super down at the legislated minimum rate.