Star Entertainment avoids Game Over as Ballys throws $300 Million lifeline

Salon 95 continued to operate even after then-Star CEO Matt Bekier told regulators his company had severed business links to Suncity. Star was deemed unfit to hold its NSW licence by the first Bell inquiry in 2022. Since then, Star Sydney has since been under the supervision of a state-appointed manager – Nick Weeks. Weeks’ term has been extended multiple times and currently runs through September. Each were in breach of Listing Rule 17.5 for not lodging the relevant periodic report by the due date.
The gold sector, however, isn’t enjoying the same fortunes with most miners in the red in line with a softer gold price today. The gains were largely across the board with 128 companies making gains, 65 losing ground and 7 going nowhere from Friday’s close. Its cash crisis continues, with $78 million in available cash at the end of December. Just a quick update on the waxing and waning fortunes of Donald and Melania Trump and their recently launched meme coins we’ve been following today. Ms Walsh joined Nine in 2008 and had a high-profile career as a reporter on the Today program and covering federal politics. Oxfam Australia is calling on the federal government to introduce a wealth tax of between 2 and 5 per cent on the super-rich.
Star chief executive Steve McCann has unsuccessfully tried to coax lenders, state governments and investors into giving the embattled Lucky Elf casino games operator the time and cash needed to work through its challenges. Embattled casino operator Star Entertainment has warned that it faces “material uncertainty” over its ability to stay afloat unless it finds a solution to its worsening financial woes, sparking a further drop in the company’s share price. Shares in The Star Entertainment Group Limited (“Star Brisbane casino credit card“) tanked last week after their first day back on the ASX in almost a month. This ended a prolonged trading halt further aggravated by a slap-on-the-wrist ASX suspension for failure to provide timely financial accounts.
Star Brisbane casino points system has been in talks with the owners of the other half of Brisbane’s Queen’s Wharf development — Hong Kong investors Far East Consortium International and Chow Tai Fook Enterprises — since mid-February. Embattled casino group Star Entertainment will stay alive, for now, after securing a $53 million lifeline in return for selling its 50 per cent stake in the new Brisbane casino. The ASX 200 and the All Ordinaries index both ended Monday’s session 1.8 per cent lower, wiping off about $50 billion in market value. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.
Star investors who got excited on Monday by the left-field emergence of a mystery Macau buyer of the casino’s shares would be wise to curb their enthusiasm. There is nothing about Xingchun Wang’s taking a 5.5 per cent stake that looks like a white knight rescue attempt. Morningstar lowers our Uncertainty Rating from Extreme to very top high roller casinos after the results of the second bell inquiry were passed down. The scrutiny into Star’s suitability to hold a casino licence ended in the best plausible outcome that the company could have hoped for. Whilst they are currently deemed unsuitable to hold a casino license, high‑stakes gaming bonus codes the enquiry ruled that the license need not be revoked entirely. Star’s core asset is The Star Sydney, which at one point was generating ~70% of the group’s earnings as the only casino in Sydney.
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 Aussie casino welcome bonus 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 casino 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 Transaction Reports and Analysis Centre (“AUSTRAC”) fine after alleged non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws.