The Star Entertainment Group (The Star) has issued a statement to the Australian Stock Exchange (ASX) in which it has said it is continuing to work on refinancing proposals, but has “material uncertainty” over its future.
Over the course of March The Star was subject to a variety of media speculation as to various groups that had offered it refinancing options. These included joint venture partners, Chow Tai Fook and Far East Consortium, Salter Brothers Capital and global casino operator Bally’s.
In its statement to the ASX on Wednesday, The Star said: “The Star has continued to work diligently with Salter Brothers Capital in relation to the refinancing proposal but has not received a binding debt commitment letter and the refinancing proposal has now been withdrawn.”
The statement went on to say: “The withdrawal of the Refinancing Proposal follows extensive engagement by The Star with Salter Brothers Capital and relevant third parties, including State Governments and regulators.
“As a result of that engagement, it became apparent that it was unlikely that a number of the conditions precedent to the Refinancing Proposal would be able to be satisfied, either at all or in sufficient time to address the current liquidity needs of the Company.
“In particular, lender requirements for specific priority arrangements and enforcement rights in relation to their proposed security over non-gaming assets of The Star could not be met.”
As a result of this most recent proposal withdrawal The Star told the ASX that it continues to be unable to lodge its half-year financial report for the period ended 31 December 2024.
Earlier this week, The Star was also told that the suspension of its casino licence would remain in place until September 2025.
The group has said that it is now engaging with the Bally’s group about possible solutions, but there are concerns over its future.
The Star’s statement to the ASX said: “The Company continues to explore liquidity solutions that might materially increase the Group’s liquidity position in the medium term, including engaging with Bally’s Corporation in relation to the proposal received on 10 March 2025. However, there remains material uncertainty as to the Group’s ability to continue as a going concern.”
The Shout will continue to keep you updated on developments surrounding the future of The Star.