The Star ASX: SGR results: Casino in trading halt, board unsure of survival > 자유게시판

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Star’s lawyers told the Federal Court last month that a fine of more than $100 million could trigger the group’s financial collapse. "The Star is continuing to engage with the joint venture partners and will provide an update if there are any material developments regarding the parties’ respective interests," it said. Star offered a glimmer of hope when it indicated that negotiations were continuing even though its joint venture partners had declined to extend the deal deadline to next week. The deal will give the company breathing room to find the funding needed to survive a massive cash crunch after Star lost the support of both its investors and lenders. The Far East Consortium said on Friday that it and Chow Tai Fook Enterprises will now take full control of the facility after paying $53 million for Star’s 50 per cent share. Star will also receive $5 million a month to run the Instant online casino payouts, rising to $6 million a month as of next year. The group has been on the brink of collapse for months but staved off administrators by offloading its 50 per cent stake in a new Brisbane precinct and a $250 million short-term bridging loan.
In the absence of one or more of those arrangements, there remains material uncertainty as to the Group’s ability to continue as a going concern," Star said. Star Entertainment will sell its stake in the new Queen’s Wharf casino and entertainment complex in Brisbane, a deal that will give the company enough cash to stave off collapse for several months. Strict new gambling rules and fewer tourists at the online casino risk management operator’s flagship Sydney establishment have pushed the company into a loss for the past three months. The largest shareholder of the pubs and bottle shop giant said it wants more say in the company’s strategy ahead of new CEO Jayne Hrdlicka’s arrival. The Star Entertainment Group Limited is currently rated five stars by our Analyst Rating and trades at 0.4 of its price to fair value on a $0.27 share price (as at 1st October 2024). On the other hand, Star continues to face potential operational risk at its Queensland facilities. This stems from material uncertainty around the considerable Australian casino crypto withdrawal speed Transaction Reports and Analysis Centre ("AUSTRAC") fine after alleged non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws.
The fact that it hasn’t suggests the board and its advisers are engaged in the same hunting expedition as everyone else – attempting to dig out details on this new mysterious investor who is now Star’s second-largest shareholder. In an update posted to the ASX on Monday night, Star has confirmed it has agreed to a $300 million rescue package with American king billy casino account login fast and gaming group, Bally's. Star — which owns casinos in Brisbane, the Gold Coast and Sydney and employs more than 9,000 people — has warned for months it could fall into administration if a financier was not found.
The cards are designed to identify problem gamblers and to more easily enforce money-laundering rules. Operational earnings have plunged from about $19 million a month in the first half of the last financial year to just $4.6 million in the second half. Its accounts, delayed by a month, portrayed a company close to the edge as asset write-downs of more than $1.4 billion inflicted a full-year loss of almost $1.7 billion.
A 2022 NSW inquiry found damning evidence of money laundering and counter-terrorism failings at the groups’ Sydney casino while a 2024 probe found more breaches. The casino group was once worth billions of dollars but has since been slapped with fines totalling more than $210 million and licence suspensions after money laundering allegations. The Star has been in a trading halt since the end of February after being unable to file its half-year financial report without a refinancing plan to save it. Owned by American financier Soo Kim, a self-described corporate fireman, Bally’s specializes in rescuing casinos from financial distress and turning them profitable. The group’s board will now seek for all shareholders to agree unanimously to the deal as it is within their best free slot sites no credit card interests and will unlock the remaining Bally’s contribution, the ASX statement said. Star is exploring a possible injection of $100 million by its largest shareholder Bruce Mathieson and if this occurs, Bally’s contribution would drop to $200 million.
An American casino operator controlled by a New York hedge fund has joined the opportunists sniffing around embattled Star Entertainment Group, which is on its last legs and desperately seeking a capital injection to avoid administration. The Ricky Casino roulette operator warned that additional equity may be required as part of the refinancing of the DBC debt facility. Star first entered the deal with its the Hong Kong investors in early March, after months of warnings about its financial future — and prior to the bigger deal struck with Bally's and the Mathiesons. The Australian Financial Review reported that the company had failed to raise the funding required to meet near-term payments, including for payroll, which puts the company at serious risk of running out of cash. After a brief trading halt on Friday morning, Star shares plunged 15.4 per cent to 11¢, valuing the company once worth $5 billion at about $315 million. Star did not name the parties that are expected to provide an offer of financing, but it has confirmed previously that US finance giant Oaktree has tried to buy out Star’s debt from its lenders.
Against all odds, Star Entertainment has managed to avoid sliding into administration for now. But its near demise poses bigger problems for a glittering world that risks being consigned to a bygone era. Hong Kong investors Chow Tai Fook Enterprises and Far East Consortium, which each own 25 per cent of the Brisbane complex, had agreed to buy Star's 50 per cent stake for $53 million. In September last year, Star’s directors started getting advice on "safe harbour" provisions provided by the Corporations Act that would protect them from being personally liable for debts in the event that it cannot stay solvent.
For a sharemarket gambler, an investment in Star is the ultimate high-adrenaline bet. And make no mistake – this is a big bet from an investor – even one who is located at the epicentre of gambling and who thrives on risk. He has been stalking Star since September last year but only showed his hand this week when his stake tipped over the 5 per cent notification threshold.