Star Entertainment Group Ltd, SGR:ASX summary FT com

A second inquiry last year uncovered several additional license breaches, including falsifying records. The casino has been overseen by a government-appointed manager since the 2022 report. More than 8000 jobs are on the line, with the company running out of time and money to keep its casinos open. Star acknowledged via the ASX that its shares had been automatically suspended but did not update the market on the status of financing offers it expected to receive on Friday. Bell’s original report outlined anti-money laundering and social responsibility failings at The Star Sydney stretching back years. A year later, a report into Star Sydney’s progress found the Bunny 96 Australian online casino had implemented 22 of 30 recommended measures from the Bell report.
If funding isn’t secured, Star will face the prospect of entering voluntary administration, which would see independent administrators appointed to manage affairs on behalf of creditors, and attempt to rescue operations. Shares in Star Entertainment have been suspended from trading on the stock exchange after it failed to lodge its financial results. Calix Ltd has seen its shares soar to 60cps on Monday trades after announcing it’s teaming up with none other than Rio Tinto. Most Star employees are based in Sydney, and despite recent troubles, its Pyrmont site remains a major tourism destination, with 650 Hotel Cecil review rooms and 36 food and beverage venues. In February, Star said it had received an $650 million offer from US alternative asset manager Oaktree Capital to refinance its debt.
In a further sign of its precarious financial situation, the company’s Monday update also reiterated that the company’s directors continued to seek external advice on application of “safe harbour” provisions of the Corporations Act. This is part of the law aimed at helping directors turn around a distressed company without being personally liable for debts incurred by an insolvent company, provided they meet certain conditions. “While discussions continue with respect to a range of different solutions, there is No deposit bonus Australian casino 2026 certainty that any of these negotiations will result in one or more definitive arrangements that might materially increase the Group’s liquidity position.
Apart from the higher regulatory costs following a run of scandals, star sydney casino self exclusion’s fortunes have also been hurt by poor gaming turnover at its casinos and the move to cashless gaming in NSW, with Queensland to follow. Star also told investors it had received overtures from its Chinese partners – Chow Tai Fook Enterprises Limited and Far East Consortium International Limited – to pick up a 50 per cent stake in the company’s Queen’s Wharf best Australian casino bonuses 2026 in Brisbane. A $2.2bn non-cash impairment was reported for Sydney, Gold Coast and Treasury Brisbane goodwill and property assets. There were also regulatory and legal costs of $595m, debt restructuring costs of $54m and redundancy costs of $16m.
He said he would not like to see the company go into liquidation “for the people’s sake”. “To me, it has been a disaster dealing with the management of Star and I think … there is no doubt the board should be blamed for how bad it is,” he told ABC Radio Brisbane. “What we would want to see is the government work to make that process as quick as possible, while still ensuring that any new operator is compliant with the regulations and the legislation.” He said the government would also need to move quickly to approve a new operator should there be a sale. Mr Jones said in the event Star did go into administration the union would want the state governments to work quickly with the administrator and existing lenders to ensure the administration was funded and the doors stayed open.
Star Entertainment Group’s shares bombed on Friday, losing close to half their already heavily discounted value, after the company narrowly avoided collapse, securing a last-minute $200 million bailout from its bankers. “The situation for Star workers in terms of this current financial crisis dates back to September of last year, but for many Star workers, top online gambling sites Australia 2026 they’ve been dealing with Star’s uncertainty for two to three years.” The future of Star Entertainment and its thousands of workers remains uncertain as the company’s efforts to secure a financial lifeline go down to the wire. We’re obviously been working with them over a period of time on a range of issues including the importance of the employment that is there and will continue to do so,” NSW government senior minister Penny Sharpe said.
It has been seeking a rescue package to stay afloat but until now has been unsuccessful, with the group most recently failing to secure $940 million from property development fund Salter Brothers Capital. United Workers Union welcomed the deal for the 9,000 employees across the group who could have been left high and dry if it collapsed. The Motley Fool stands behind our products and our membership-fee-back guarantee. If for any reason you are not 100% satisfied with your premium subscription, simply notify us within the first 30 days and you won’t pay a cent.
“That’s money that could be far better spent on groceries, rent or mortgage repayments.,” Canstar’s Sally Tindall said. Sometimes, the modelling looks at the impact of one-off large scale disasters like cyclones. The index is down more than 7.5 per cent from its all time high of 8,615.2 on February 14, and has fallen for four straight sessions amid uncertainty over US trade policy announcements. You can keep abreast of the Star Entertainment deal story from our business reporters. We’d like to share more about how we work and what drives our day-to-day business. Other analysts have remained silent about Star since its financial update was delivered last week.